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.
The U.S. and Iran have agreed to 'stand down' and resume technical talks, allowing vessels allowed to move freely under the interim peace deal, a U....
Azerbaijan has criticised Israel’s recent decision to recognise the 1915 events involving Armenians as genocide, warning against politicising histor...
One person was killed and another seriously injured on Sunday in a shooting at a popular entertainment spot in San Jose, California, that has been hos...
Australia will introduce new laws in parliament on Monday to strengthen its under-16 social media ban and give its internet regulator more power to pu...
North Korea has sharply condemned joint U.S.-Japan military drills, warning of consequences as tensions rise in the Asia-Pacific. The criticism comes ...
The U.S. and Iran have agreed to 'stand down' and resume technical talks, allowing vessels allowed to move freely under the interim peace deal, a U.S. official said.
Start your day informed with the AnewZ Morning Brief. Here are the top stories for 29 June, covering the latest developments you need to know.
The United States government has urged migrants living under temporary protected status (TPS) to seek permanent residency or prepare to return to their home countries, signalling a tougher approach to immigration policy.
Britain will abandon plans to replace its ageing fleet of destroyers with a next-generation warship and instead procure at least six new “Common Combat Vessels”, the Ministry of Defence has announced.
France said on Saturday it was considering taking reciprocal measures after Burkina Faso broke off diplomatic relations.
Japan remained on high alert Saturday as Typhoon Mekkhala approached the eastern coast after Typhoon Higos weakened into a tropical depression. Authorities warned of continued heavy rain, flooding, and landslides, according to media reports.
A tanker reported being struck by a projectile in the Strait of Hormuz on Saturday, Britain's maritime security agency said, after the United States and Iran each launched strikes in the worst escalation since they signed their interim peace deal.
Fourteen people were killed on Sunday after a helicopter belonging to Saudi oil giant Aramco crashed in Ras Tanura, according to Saudi state media.
Eleven people were killed when a small plane carrying skydivers crashed near Nancy in eastern France on Sunday, local officials said.
China added 20 Japanese entities to its export control list for dual-use items on Monday, preventing Chinese firms from selling to them without prior approval, citing Tokyo's ambitions for "remilitarisation."
Apple is facing a £3 billion lawsuit in the United Kingdom after a competition tribunal approved a major collective action over its iCloud storage service.
China has opened its market to cashew nuts from all African countries with diplomatic relations with Beijing, removing a long-standing barrier that had restricted exports from much of the world's largest cashew-producing continent.
Media leaders from across Europe gathered in Vienna this week for the annual European Publishing Congress.
Amazon founder Jeff Bezos has said artificial intelligence will ultimately lead to labour shortages rather than widespread unemployment, pushing back against growing fears that AI will replace human workers.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment