The UAE said 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 US-Israeli war against Iran has caused a historic energy shock and unsettled the global economy, Reuters reported.
The 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 Persian 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 insecurity caused by the US-Israeli war against Iran.
The move came after the UAE, a regional business hub and one of Washington's most important allies, criticized fellow Arab states for not doing enough to protect it during the US-Israeli war against Iran.