The United Arab Emirates leaves OPEC and OPEC+

Gli United Arab Emirates they announced theirs exit from OPEC and OPEC+dealing a serious blow to oil exporting groups and their de facto leader, Saudi Arabia, at a time when the war with Iran it caused a historic energy shock and destabilized the global economy. The loss of the United Arab Emirates, a historic OPEC member, could create disorder and weaken the group, which has usually sought to show a united front despite internal disagreements on a range of issues ranging from geopolitics to production quotas.

The closure of the Strait of Hormuz and Trump’s victory

Gulf producers, members of OPEC, are in difficulty due to the closure of the Strait of Hormuz, the canal between Iran and Oman through which a fifth of the world’s oil and liquefied natural gas normally passes, due to Iranian threats and attacks against ships. However, the United Arab Emirates’ exit from OPEC represents a great victory for US President Donald Trump, who has accused the organization of “robbing the rest of the world” inflating oil prices.

Trump also linked U.S. military support for the Gulf to oil prices, saying that while the United States defends OPEC members, it “exploits this situation by imposing high prices for oil.” The decision came after the United Arab Emirates, a hub for regional affairs and one of Washington’s most important allies, criticized other Arab states for not doing enough to protect them from numerous Iranian attacks during the war.

Anwar Gargash, diplomatic adviser to the UAE president, criticized the Arab and Gulf response to Iranian attacks at a session of the Gulf Influencers Forum on Monday. “The Gulf Cooperation Council countries have supported each other logistically, but politically and militarily, I think their position has historically been the weakest,” Gargash said. “I expected this weak position from the Arab League and I’m not surprised by it, but I didn’t expect it from the (Gulf) Cooperation Council and that surprises me,” he said.