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UAE pulls out of OPEC oil cartels citing 'national interests'

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(FILES) People walk by the building headquarters of OPEC (Organization of The Petroleum Exporting Countries) as the logo is seen on its facade in Vienna, Austria

(FILES) People walk by the building headquarters of OPEC (Organization of The Petroleum Exporting Countries) as the logo is seen on its facade in Vienna, Austria

The United Arab Emirates will withdraw from the OPEC and OPEC+ oil cartels to focus on "national interests", it announced on Tuesday, causing fresh shockwaves as energy prices soar over the Middle East war.

The UAE, one of the world's top oil producers, which has previously chafed at OPEC production quotas, will pull out on Friday, a statement carried by the official WAM news agency said.

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