Web Desk(National Times)- The United Arab Emirates (UAE) 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 war on Iran has caused a historic energy shock and unsettled the global economy.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
UAE Energy Minister Suhail Mohamed al-Mazrouei told Reuters<\/em> the decision was taken after a careful look at the regional power\u2019s energy strategies.<\/p>\n\n\n\n Asked whether the UAE consulted with Saudi Arabia, he said the UAE did not raise the issue with any other country.<\/p>\n\n\n\n \u201cThis is a policy decision, it has been done after a careful look at current and future policies related to level of production,\u201d said the energy minister.<\/p>\n\n\n\n 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\u2019s crude oil and liquefied natural gas normally passes, because of Iranian threats and attacks against vessels.<\/p>\n\n\n\n Mazrouei said the move would not have a huge impact on the market because of the situation in the strait.<\/p>\n\n\n\n But the UAE exit from OPEC represents a big win for US President Donald Trump, who has accused the organisation of \u201cripping off the rest of the world\u201d by inflating oil prices.<\/p>\n\n\n\n Trump has also linked US military support for the Gulf with oil prices, saying that while the US defends Opec members, they \u201cexploit this by imposing high oil prices\u201d.<\/p>\n\n\n\n The move came after the UAE, a regional business hub and one of Washington\u2019s most important allies, criticised fellow Arab states for not doing enough to protect it from numerous Iranian attacks during the war.<\/p>\n\n\n\n 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.<\/p>\n\n\n\n \u201cThe Gulf Cooperation Council countries supported each other logistically, but politically and militarily, I think their position has been the weakest historically,\u201d Gargash said.<\/p>\n\n\n\n \u201cI expect this weak stance from the Arab League and I am not surprised by it, but I haven\u2019t expected it from the (Gulf) Cooperation Council and I am surprised by it,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":" Web Desk(National Times)- The United Arab Emirates (UAE) 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 war on Iran has caused a historic energy shock and unsettled the global economy. The stunning loss of […]<\/p>\n","protected":false},"author":2,"featured_media":124953,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-124952","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest_news","entry"],"yoast_head":"\n