One of the largest oil producers in the world feels that it does not have military and political support from its allies
The United Arab Emirates announced its withdrawal from the Organization of Petroleum Exporting Countries (OPEC) and OPEC+, which brings together some allies such as Russia.
According to the Reuters agency, which cites a statement from the small country, this is a major blow to the group and its true leader, which is Saudi Arabia.
The decision is motivated by the war in Iran and the inability of Middle Eastern countries to protect their oil interests, with the United Arab Emirates being among the 10 largest oil producers in the world.
According to data from the United States, that country is responsible for the production of around 4% of the world’s oil, producing more than four million barrels per day in a normal scenario.
Now, and also according to the Reuters agency, the United Arab Emirates’ decision could cause discord and weaken the group, which also includes countries such as Iran, Venezuela or Iraq.
Already facing problems due to the strangulation of oil exports from the Strait of Hormuz, which remains in a highly complex situation, the countries of the Middle East could face a new and more important setback in this decision in a region that produces around 20% of the world’s oil.
Conversely, this decision can be seen as a great victory for the president of the United States, as Donald Trump has insisted on criticizing OPEC, understanding that it has “torn the rest of the world” through price inflation.
Furthermore, Donald Trump has also accused OPEC members of “exploiting” the situation in the Middle East by imposing higher prices, while the United States only seeks to help through military support.
The diplomacy advisor to the president of the United Arab Emirates had already criticized the stance of countries in the region at an influencer forum this Monday. Now, the decision taken is a step forward in the split.
“The Gulf Cooperation Council countries support each other logistically, but politically and militarily, I think their position has historically been the weakest,” said Anwar Gargash.
