The United Arab Emirates announced on Tuesday its departure from Opec and Opec+, in a severe blow to the oil exporting groups and their de facto leader, Saudi Arabia. at a time when the war with Iran has caused an unprecedented energy crisis and destabilized the global economy.
The surprising loss of the UAE, a long-standing member of OPEC, It could lead to disorganization and weaken the group, which has generally tried to show a united front despite internal disagreements over a range of issues, from geopolitics to production quotas.
OPEC Gulf producers have already had difficulty shipping their exports through the Strait of Hormuz, a passage between Iran and Oman through which a fifth of the world’s crude oil and liquefied natural gas normally passes, due to Iranian threats and attacks on ships.
But the departure of the United Arab Emirates from Opec It represents a major victory for US President Donald Trump, who has accused the organization of “ripping off the rest of the world” by inflating oil prices.
Trump has also linked US military support to Gulf countries to oil prices, saying that while the US defends OPEC members, they “take advantage of it by imposing high prices.”
The decision came after the United Arab Emirates, a regional business center and one of Washington’s most important allies, criticized other Arab states for not having done enough to protect them from numerous Iranian attacks during the war.
Anwar Gargash, diplomatic advisor to the president of the United Arab Emirates, criticized the Arab and Gulf response to the Iranian attacks at a session of the Gulf Influencers Forum on Monday.
“The Gulf Cooperation Council countries supported each other logistically, but politically and militarily, I think their position has been the weakest historically,” Gargash said.
“I already expected this weak stance from the Arab League and it doesn’t surprise me, but I didn’t expect it from the (Gulf) Cooperation Council and it does surprise me,” he said.
