UAE exits OPEC and OPEC+ membership effective immediately

United Arab Emirates Announces Departure from OPEC and OPEC+

The United Arab Emirates (UAE) has announced its decision to leave OPEC and OPEC+, effective immediately. This move comes amid heightened tensions in the region, particularly with regards to Iran.

According to reports, the UAE’s departure from the oil-producing group is a significant development at a time when global energy markets are experiencing unprecedented volatility due to the ongoing conflict between Iran and other regional actors.

The UAE had previously expressed concerns about the impact of Iranian threats and attacks on its oil exports. In recent days, the country’s diplomatic adviser, Anwar Gargash, criticized fellow Arab states for not doing enough to protect it from these attacks.

Gargash stated that while Gulf Cooperation Council countries provided logistical support, they had taken a “weakest” stance in terms of military and political action. He also expressed surprise at this stance from the Arab League.

The UAE’s decision to leave OPEC and OPEC+ is seen as a significant shift in the region’s energy landscape. The country has been a key player in the global oil market, and its departure is likely to have implications for the group’s future operations.

As the situation continues to unfold, further developments are expected.

Source: Al Jazeera