DUBAI: The United Arab Emirates has announced its withdrawal from OPEC and OPEC+, dealing a major blow to these oil-exporting groups.
According to details, this decision by the UAE has been made at a time when the Strait of Hormuz is closed due to the war between Iran, the United States and Israel, while the United States has also imposed a blockade.
The UAE said that it will leave OPEC and OPEC+ from May 1. The decision to withdraw from OPEC was made in the national interest, OPEC should play an active role in meeting the needs of the global market.
OPEC’s Gulf countries were already facing difficulties in sending their exports through the Strait of Hormuz. It is a narrow passage located between Iran and Oman, and under normal circumstances, about a fifth of the world’s crude oil and liquefied natural gas (LNG) is transported through this route.
