New Delhi, May 3 -- In the midst of the ongoing war in Iran, the UAE's sudden announcement on April 28 to exit the Organisation of Petroleum Exporting Countries (OPEC) adds to the global energy anxieties. Established in 1960 at the Baghdad conference by five oil-producing developing countries (Iran, Kuwait, Iraq, Saudi Arabia and Venezuela), OPEC aimed to coordinate the petroleum policies of its member states to ensure that they received stable returns for their products and counter the dominance of the Western multinational oil companies (often referred to as the Seven Sisters). UAE formally joined the OPEC cartel in 1967.

As stated by the Emirates News Agency-WAM, the decision to exit OPEC is in line with the UAE's "long term strategic...