United Arab Emirates says it is leaving Opec and Opec+

In a statement, the UAE energy ministry said the move followed a comprehensive review of its production policy. While near-term volatility, including disruptions in the Arabian Gulf and the Strait of Hormuz, continues to affect supply dynamics, underlying trends point to sustained growth in global energy demand over the medium to long term, read the statement. This decision follows decades of constructive cooperation. The UAE joined OPEC in 1967 through the Emirate of Abu Dhabi and continued its membership following the formation of the United Arab Emirates in 1971. Throughout this period, the UAE has played an active role in supporting global oil market stability and strengthening dialogue among producing nations. The US-Israeli war on Iran since late February has had a devastating effect on a number of Gulf states, including the UAE. The UAE, which is the Gulf state with the closest relationship to Israel, was targeted with thousands of Iranian ballistic missiles and drones, denting the appeal of Dubai, a luxury tourism hotspot, and slowing oil exports to a trickle. Whereas some Gulf states have urged for dialogue with Iran, the UAE has staked out a hawkish position, calling for the US war to continue. Analysts say that position is partially due to its reliance on the Strait of Hormuz for oil exports and an unwillingness among the UAE's elite to see Iran cement itself as a regional power in the Gulf. On Monday, the UAE criticised its Gulf allies over its response to the Israel-US war on Iran. Presidential advisor Anwar Gargash said the six-member Gulf Cooperation Council (GCC) - half of whom are also Opec members - had failed to respond collectively after Iran launched retaliatory attacks against them. The GCC's stance was the weakest historically, considering the nature of the attack and the threat it posed to everyone, Gargash said. Gargash said he expected such a weak stance from the Arab League, the 22-member organisation of Middle East and North African nations based in Cairo. But I don't expect it from the GCC, and I am surprised by it, he told a conference in Dubai. More to follow... Energy News Post Date Override 0 Update Date Mon, 05/04/2020 - 21:19 Update Date Override 0