The United Arab Emirates leaves the Organization of Petroleum Exporting Countries

“This decision reflects a long-term strategic and economic vision for changes in the energy market. It is time to focus our efforts on what our national interests dictate and our obligations to our investors, customers, partners and global energy markets,” it said.

It also noted that the decision reflects an evolution in the UAE’s approach, promoting a more flexible response to market changes: “At the same time, we will continue to act responsibly, ensuring market stability.”

OPEC+ is a cartel that distributes production quotas and thereby regulates oil prices. The decision to withdraw was made after the Gulf War, when the UAE suffered the main Iranian attacks, the Strait of Hormuz was blocked, and the collective security of the Gulf states practically failed.

As EuroNews notes, the decision deals a heavy blow to oil-exporting countries and signals a fundamental shift in global energy dynamics, while Iran’s blockade of the Strait of Hormuz puts increasing pressure on the global economy every day.