UAE leaves OPEC; China to gain oil supply amid Iran war crisis.

The United Arab Emirates will formally leave the Organization of the Petroleum Exporting Countries, or OPEC, on May 1, a move that analysts say could benefit China. As a major oil importer, China may gain from additional supply while global markets face growing strain three months into the US-Israeli war in Iran. The UAE is OPEC’s third-largest producer, accounting for about 12 percent of the group’s total output. Its exit comes at a time of rising oil prices and supply uncertainty. UAE Energy Minister Suhail Mohamed al-Mazrouei told CNBC that it was the “right time” to leave the bloc.