The United Arab Emirates has said it's quitting OPEC from 1 May, dealing a major blow to the oil producers’ group and its de facto leader, Saudi Arabia, amid disruption caused by the Iran war.
The UAE said it was leaving both OPEC and OPEC+, its looser sister organisation, on Tuesday (28 April). The move comes during a period of severe disruption to global oil supplies caused by the ongoing conflict involving Iran.
The loss of the Gulf nation could weaken the group, whose members coordinate to manage oil supply and influence prices.
Producers in the Gulf have already been struggling to ship exports through the Strait of Hormuz due to an Iranian blockade. The waterway normally carries around a fifth of the world’s crude oil and liquefied natural gas.
Despite internal disagreements on issues ranging from geopolitics to production quotas, OPEC members have historically sought to present a united front.
The UAE’s departure is seen as a victory for U.S. President Donald Trump, who has repeatedly accused OPEC of inflating oil prices.
The exit follows criticism from the UAE, a key regional business hub and close ally of Washington, that fellow Arab states had not done enough to protect it from Iranian attacks during the recent conflict.
Anwar Gargash, diplomatic adviser to the UAE president, criticised the regional response during a session at the Gulf Influencers Forum on Monday (27 April).
"The Gulf Cooperation Council countries supported each other logistically, but politically and militarily, I think their position has been the weakest historically," he said.
"I expect this weak stance from the Arab League and I am not surprised by it, but I haven't expected it from the (Gulf) Cooperation Council and I am surprised by it," Gargash added.
Following the UAE’s departure, OPEC now has 11 member countries: Algeria, Republic of the Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia and Venezuela.
A 21-year-old man accused of planning a terrorist attack on a Taylor Swift concert in Vienna in 2024 has pleaded guilty in part, as his trial opene...
Tensions between the United States and Iran remain high after a U.S. official said President Donald Trump was unhappy with a proposal from Tehran t...
Iran’s Foreign Minister, Abbas Araghchi, arrived in Russia on Monday for a diplomatic visit to shore up support after two months of conflict....
The United Arab Emirates has said it's quitting OPEC from 1 May, dealing a major blow to the oil producers’ group and its de facto leader...
A federal jury has ruled that Ticketmaster and its parent Live Nation illegally controlled the U.S. concert ticket market for over a decade, a deci...
A 21-year-old man accused of planning a terrorist attack on a Taylor Swift concert in Vienna in 2024 has pleaded guilty in part, as his trial opened on Tuesday (28 April) in Austria.
Alphabet Inc’s Google has deepened its operational relationship with the United States Department of Defense (DoD), quietly signing a wide-ranging agreement to deploy artificial intelligence models in highly classified environments.
The global health crisis gave one of the world’s most secretive states cover to intensify a lethal domestic crackdown.
Belgium and the Netherlands adopted parliamentary resolutions on 16 April urging the release of Armenians held in Azerbaijan and calling for conditions to enable the return of displaced Armenians from Garabagh, prompting a sharp diplomatic response from Baku.
Disney+ has debuted Disney Animation’s Songs in Sign Language, a new collection of animated musical sequences reimagined in American Sign Language (ASL), released on 27 April to mark National Deaf History Month.
President Donald Trump said on Sunday Iran could telephone if it wants to negotiate an end to their two-month war. Tehran said the U.S. should remove obstacles to a deal, including its blockade of Iran's ports. Meanwhile Iranian Foreign Minister Abbas Araghchi arrives in St Petersburg for talks.
Market reaction to DeepSeek’s preview of its next-generation artificial intelligence model has been relatively subdued, in sharp contrast to the global shock triggered by its breakthrough releases last year.
Adidas shares rose after Kenya’s Sebastian Sawe delivered a historic performance at the London Marathon on Sunday (26 April), becoming the first athlete to run an official marathon in under two hours.
Tensions between the United States and Iran remain high after a U.S. official said President Donald Trump was unhappy with a proposal from Tehran that does not deal with its nuclear programme. Washington is insisting that any talks must address Iran’s nuclear activities.
As the Iran war disrupts global flows of oil and gas and energy prices skyrocket, the Drin River, which descends through the mountains of northern Albania, is acting as a kind of shield.
China has ordered Meta to unwind its more than $2 billion acquisition of artificial intelligence start-up Manus, marking a major escalation in Beijing’s scrutiny of foreign investment in sensitive technology sectors. The order was issued on Monday by the National Development and Reform Commission.
Adidas shares rose after Kenya’s Sebastian Sawe delivered a historic performance at the London Marathon on Sunday (26 April), becoming the first athlete to run an official marathon in under two hours.
The United States has issued an international warning accusing Chinese firms, including AI start-up DeepSeek, of allegedly stealing intellectual property from American artificial intelligence labs.
Meta Platforms will cut about 10% of its global workforce from 20 May, marking the start of a wider restructuring as the company increases spending on artificial intelligence (AI) and plans further layoffs later this year, according to sources familiar with the matter.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment