UAE withdraws from OPEC and OPEC Plus

The United Arab Emirates has withdrawn from the major oil producers’ groups OPEC and OPEC Plus. The country announced this on Tuesday (April 28). This is a big shock for the oil-producing group and its de facto leader Saudi Arabia.

Al Jazeera reported that the UAE left the two groups at a time when oil is facing historic instability due to the Iran war and the global economy is going through a bad period.

The exit of the UAE may create instability within the two groups and weaken them. Despite differences over geopolitics, the member countries of OPEC and OPEC Plus have always shown unity among themselves.

Al Jazeera also reported that the UAE’s exit from the two groups will be a big victory for US President Donald Trump. Trump had alleged that these groups increased oil prices and created global instability.

Trump also alleged that while they are fighting for the Gulf Arab countries of OPEC, those countries are taking advantage of the situation to increase oil prices.

Meanwhile, during the Iran war, the UAE complained that although Iran carried out major attacks on them, the allied Arab countries did not do much for them. Amid such allegations, the country withdrew itself from the two groups.
On Monday, UAE President’s adviser Anwar Gargash publicly criticized Arab and Gulf countries at a conference.

He said, “Logistically, the member countries of the Gulf Cooperation Council have supported each other. But politically and militarily, their position is at the lowest level in history.”
“I expected such a weak position from the Arab League, and I was not surprised. But we did not expect this from the Gulf Cooperation Council countries. I am surprised at their position,” Gargash added.

Source: Al Jazeera