UAE leaves OPEC and OPEC+ in huge blow to global oil producers' group

The United Arab Emirates said on Tuesday it ​quit OPEC and OPEC+, dealing a ​heavy blow to the oil exporting groups ‌and ​their de facto leader, Saudi Arabia, at a time when the Iran war has caused a historic energy shock and unsettled the global ‌economy. The stunning loss of the UAE, a longstanding OPEC member, could create disarray and weaken the group, which has usually sought to show a united front despite internal disagreements over a range of issues ‌from geopolitics to production quotas.

OPEC Gulf producers have already been struggling to ship exports through the ‌Strait of Hormuz, a narrow chokepoint between Iran and Oman through which a fifth of the world's crude oil and liquefied natural gas normally passes, because of Iranian threats and attacks against vessels. But the UAE exit from OPEC represents ⁠a big ​win for U.S. President Donald ⁠Trump, who has accused the organisation of "ripping off the rest of the world" by inflating oil prices.

Trump has ⁠also linked U.S. military support for the Gulf with oil prices, saying that while the U.S. defends OPEC ​members they "exploit this by imposing high oil prices". The move came after the UAE, a regional ⁠business hub and one of Washington's most important allies, criticised fellow Arab states for not doing enough to protect it ⁠from ​numerous Iranian attacks during the war.

Anwar Gargash, the diplomatic adviser for the UAE president, criticised the Arab and Gulf response to the Iranian attacks in a session at 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 expect this weak stance from the Arab League and I am not surprised by it, but I haven't expected it ‌from the (Gulf) Cooperation ‌Council and I am surprised by it," he ​said.

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