The United Arab Emirates (UAE) on Tuesday announced its departure from OPEC and OPEC+, delivering a significant blow to the oil-exporting organisations at a time when the war with Iran has triggered a historic energy shock and global economic instability.
The decision comes as Gulf producers face increasing difficulties transporting exports through the Strait of Hormuz, reports Al Jazeera.
The narrow chokepoint between Oman and Iran, which typically handles a fifth of the world’s crude oil and liquefied natural gas, has been plagued by Iranian threats and assaults on vessels.
The UAE’s move followed sharp criticism of fellow Arab nations for failing to provide sufficient protection against various Iranian attacks during the ongoing conflict.
Anwar Gargash, the diplomatic adviser to the UAE president, voiced these grievances on Monday during a session at the Gulf Influencers Forum.
Gargash characterised the political and military stance of the Gulf Cooperation Council (GCC) countries as their “weakest historically,” despite some logistical support.
While he noted that such a response was expected from the Arab League, he expressed surprise at the lack of a firm position from the GCC.
The geopolitical shift also coincides with ongoing pressure from the United States. President Donald Trump has accused OPEC of inflating oil prices and “ripping off the rest of the world.”
Trump has previously linked American military assistance in the Gulf to oil pricing, claiming that while the US provides defence for OPEC members, they “exploit” the relationship by keeping prices high.
