RABAT: The United Arab Emirates’ withdrawal from OPEC and the OPEC+ will primarily harm Saudi Arabia’s interests and provide political adv...
RABAT: The United Arab Emirates’ withdrawal from OPEC and the OPEC+ will primarily harm Saudi Arabia’s interests and provide political advantages to US President Donald Trump, who has repeatedly accused the organization of inflating oil prices on the global market, Morocco’s Lakome news outlet reported.
"The UAE’s decision [to withdraw from OPEC and OPEC+] will deal a significant blow to both blocs, but primarily to Saudi Arabia, which is their de facto leader," the article noted. "This sudden move becomes even more significant when considering the current shock in the global energy sector caused by the war in the Persian Gulf region," Lakome emphasized. According to the news outlet, the withdrawal of the UAE, a long-standing OPEC member, from the alliance "is likely to cause chaos and weaken the organization, which has sought to demonstrate unity despite internal disagreements on certain issues, including production quotas."
However, the news outlet also noted that the UAE’s decision "could be seen as a victory for Trump, who has often accused OPEC of exploiting its advantages over the rest of the world by inflating oil prices." According to Lakome, "the statement by the UAE, one of Washington’s key allies in the Middle East, to withdraw from two international economic alliances came less than a day after the UAE criticized other Arab Gulf states for their lack of political and military support for one another during recent attacks by Iran."
-News Feed
COMMENTS