UAE Leaves OPEC and OPEC+

The United Arab Emirates, a longstanding OPEC member, said on Tuesday it was quitting OPEC and OPEC+, dealing a heavy blow to the oil exporting groups and their de facto leader, Saudi Arabia. The move came after the UAE, a regional business hub and one of Washington's most important allies, criticized fellow Arab states for not doing enough to protect it from numerous Iranian attacks during the war. It could create disarray and weaken the group, which has usually sought to show a united front despite internal disagreements over a range of issues, from geopolitics to production quotas. This is a policy decision. It has been done after a careful look at current and future policies related to level of production, UAE Energy Minister Suhail Mohammed al-Masraoui told Reuters. It did not raise the issue with any other country, including Saudi Arabia, he added. Masraoui said he didn't expect the exit to have a huge impact on the market because of the impasse in the Hormuz Strait caused by Iranian threats and attacks against vessels. The UAE exit from OPEC could represent a win for U.S. President Donald Trump, who has accused the organization of ripping off the rest of the world by inflating oil prices.