UAE Left OPEC to Pump More as End of Oil Era Looms, Presidential Adviser Says

DUBAI, May 22 (Reuters) – The UAE’s decision to leave OPEC was three years in the making and is based on its view the world is near the “autumn of the hydrocarbon age”, meaning the country needs to maximize oil revenues while it can, a senior adviser to the president said.

The UAE ended its nearly 60?year membership of the Organization of the Petroleum Exporting Countries on May 1.

In the immediate term, the decision is unlikely to affect the market because of Iran’s effective closure of the Strait of Hormuz, but it could have a