Split in the Persian Gulf. The United Arab Emirates is leaving OPEC

The United Arab Emirates (UAE) is withdrawing from membership in the Organization of Petroleum Producing Countries (OPEC) and OPEC+, which also brings together OPEC-affiliated countries, from May 1, UAE Energy Minister Suhail Mohamed al-Mazrouei told Reuters on Tuesday.

“This is a political decision, taken after a thorough analysis of current and future policy related to production levels,” Reuters quotes the interlocutor. Previously, the Arab Emirates, which is a regional business center and one of the most important US allies, criticized other Arab countries for their passivity in the face of attacks from Iran during the war between Israel and the US against Iran, which has been ongoing since February 28.

Al-Mazrouei emphasized that the UAE government did not consult this decision with any of its regional allies. Commentators pay particular attention to Saudi Arabia in this context. According to Reuters, the withdrawal of the Arab Emirates “could create chaos and weaken OPEC.”

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The agency emphasized that for nearly two months, OPEC countries from the Persian Gulf region have had serious difficulties with exporting crude oil through the Strait of Hormuz, through which approximately 20 percent of crude oil is normally transported. world crude oil and liquefied natural gas.

As assessed by Reuters UAE's exit from OPEC is a “big victory for US President Donald Trump”who has in the past accused the organization of “defrauding the rest of the world by inflating oil prices.”

OPEC has existed since 1960, and the UAE has been a member of the organization since 1967. OPEC countries coordinate their oil production and sales policy. The organizations also include: Algeria, Saudi Arabia, Gabon, Equatorial Guinea, Iraq, Iran, Congo, Kuwait, Libya, Nigeria and Venezuela.

OPEC+ was established in 2016, and the countries that are associated with OPEC are: Azerbaijan, Bahrain, Brazil, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan and South Sudan. In the past, Angola, Ecuador, Indonesia and Qatar were also members of OPEC. (PAP)

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