The United Arab Emirates announced its departure from the Organization of the Petroleum Exporting Countries (OPEC). The UAE's decision could weaken the organization, which is designed to determine with oil companies the pace of oil production, its prices and future concessions. In a statement issued by the UAE, it was reported that the decision came in light of geopolitical volatility stemming from disruptions in the Arabian Gulf and the Strait of Hormuz. Additionally, the decision aligns with a long-term strategic and economic vision as well as with the development of the energy sector. The UAE clarified that it remains committed "to global market stability."