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The UAE’s exit from Opec could bring ‘even bigger trouble’: Chinese expert
While the UAE’s departure from oil cartel is disruptive, it could also further drive apart Gulf Cooperation Council members, observer says
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Vanessa Caiin Shanghai
The United Arab Emirates’ decision to leave a global cartel of major oil-exporting countries is seen to reflect a widening fracture within the Gulf Cooperation Council (GCC).
The UAE announced on Tuesday that it would leave the Organisation of the Petroleum Exporting Countries (Opec) and the wider Opec+ alliance, effective on Friday.
The country joined the group in 1971, though one of its emirates – Abu Dhabi – joined in 1967.
The UAE’s Ministry of Infrastructure said in a statement that the decision was based on the country’s national interests and its commitment to meeting global market demand. The UAE is one of the world’s biggest oil producers and exporters.
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