The United Arab Emirates will leave OPEC
The UAE's decision to withdraw from the Organization of the Petroleum Exporting Countries is based on the crisis in the Strait of Hormuz
The United Arab Emirates (UAE) announced its withdrawal from the Organization of the Petroleum Exporting Countries (OPEC) as a result of the destabilization caused by the Iran-Contra conflict and its consequences in the Strait of Hormuz.
The lack of a strong stance from the Gulf bloc regarding the Iran conflict was one of the arguments for its withdrawal from OPEC, as well as the need to meet domestic needs amidst the volatility of the energy market.
Despite the UAE’s withdrawal from the organization, it will maintain collaboration with its partners in the oil industry and participate in the production chain.
M.Pino
With information from national and international media and social networks
(Reference image source: Gerhard Crous on Unsplash)
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