The UAE Announces Withdrawal from OPEC and OPEC+; Trump Could Be the "Biggest Winner"

BlockBeats News, April 28th - The United Arab Emirates announced on Tuesday that it will withdraw from OPEC and OPEC+ starting from May 1st. Against the backdrop of the Iran war that has triggered a historic energy shock and shaken the global economy, this move has dealt a heavy blow to the organization and its de facto leader, Saudi Arabia. As a long-standing member of OPEC, the unexpected withdrawal of the UAE may lead to chaos within the organization and weaken its influence—although OPEC usually strives to present a united front on a range of issues from geopolitics to production quotas.

For U.S. President Trump, this could be a major victory. Trump has accused the organization of "extorting the rest of the world" by raising oil prices. Trump has also linked U.S. military support for the Gulf region to oil prices, stating that while the U.S. defends OPEC member countries, they are “taking advantage of this by setting high oil prices.” The UAE is a regional business hub and one of Washington's key allies. Prior to this move, the UAE criticized other Arab countries for not taking sufficient measures to protect themselves from multiple Iranian attacks during the war. (Golden Ten)