UAE leaves OPEC and OPEC+ in huge blow to global oil producers’ group

Dubai, April 28 (Reuters) – The United Arab Emirates said on Tuesday it quit OPEC and OPEC+, dealing a heavy blow to the oil exporting groups and ​their de facto leader, Saudi Arabia, at a time when the Iran ‌war has caused a historic energy shock and unsettled the global economy.

The stunning loss of the UAE, a longstanding OPEC member, could create disarray and weaken the group, ​which has usually sought to show a united front despite internal ​disagreements over a range of issues from geopolitics to production quotas.

OPEC ⁠Gulf producers have already been struggling to ship exports through the Strait of ​Hormuz, a narrow chokepoint between Iran and Oman through which a fifth of ​the world’s crude oil and liquefied natural gas normally passes, because of Iranian threats and attacks against vessels.

But the UAE exit from OPEC represents a big win for U.S. ​President Donald Trump, who has accused the organisation of “ripping off the rest ​of the world” by inflating oil prices.

Trump has also linked U.S. military support for the ‌Gulf ⁠with oil prices, saying that while the U.S. defends OPEC members they “exploit this by imposing high oil prices”.

The move came after the UAE, a regional business hub and one of Washington’s most important allies, criticised fellow Arab ​states for not doing ​enough to protect ⁠it from numerous Iranian attacks during the war.

Anwar Gargash, the diplomatic adviser for the UAE president, criticised the Arab ​and Gulf response to the Iranian attacks in a ​session at ⁠the Gulf Influencers Forum on Monday.

“The Gulf Cooperation Council countries supported each other logistically, but politically and militarily, I think their position has been the weakest ⁠historically,” ​Gargash 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,” he said.