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...
The United Arab Emirates (UAE) is quitting oil cartel Opec after nearly 60 years of membership.
The UAE leaving Opec is seen as a major blow and potential death knell for the oil cartel.