United Arab Emirates will leave OPEC and OPEC+ on May 1 after six decades of membership, a blow to the group and Saudi Arabia as the industry grapples with supply disruptions caused by the Iran war. The exit marks a significant loss for the organization that has balanced global markets and defended prices by managing crude supplies. It also signals how the Iran conflict will reshape energy markets for years to come. Oil futures are trading near $111 a barrel in London, reflecting the undersupplied market that the UAE cites as a reason for its departure. Energy Minister Suhail Al Mazrouei said, "This is a decision that we took after a very careful and long review of all our strategies," and added, "The decision is taken at the right time in our view because it's not going to hugely impact the market: the market is undersupplied." Looking ahead, the UAE's move may prompt other members to reassess their participation, while the market will likely adjust to the new supply dynamics created by the war and the group's collective decision-making process.