UAE exits OPEC, OPEC+ in blow to oil exporters group
DUBAI, April 29 -- 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.
UAE Energy Minister told Reuters on Tuesday that leaving OPEC and OPEC+ gives the United Arab Emirates flexibility as it has no obligations under the group, and says the country did not directly consult others, including Saudi Arabia, before the decision.
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.
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....
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