The UAE joined OPEC in 1967 and remained a member when the UAE was formed in 1971. The exit comes during an energy crisis exacerbated by the ongoing Iran war.

In recent months, Brent crude oil prices have soared, reaching as high as $119.50 a barrel. The price increase reflects tensions in the energy market and challenges faced by Gulf producers.

OPEC Gulf producers have struggled to ship exports through the Strait of Hormuz due to Iranian threats. Anwar Gargash, a prominent political figure, noted that the Gulf Cooperation Council countries supported each other logistically but lacked political and military strength historically.

Gargash stated, “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.” This highlights concerns over regional security and cooperation.

Donald Trump has criticized OPEC for inflating oil prices. His stance aligns with the UAE’s exit, which some view as a victory for his administration. The UAE criticized fellow Arab states for not doing enough to protect it from Iranian attacks.

This sequence of events indicates a changing landscape in global energy dynamics. The next steps for both OPEC and the UAE remain uncertain as geopolitical factors continue to influence oil prices.

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