The country is leaving OPEC (Organization of the Petroleum Exporting Countries) from May 1, Reuters.com reported .
Photo: Gabriela Maj/Bloomberg via Getty Images
The withdrawal of the UAE, a long-time member of OPEC (an organization on which global oil prices largely depend), could lead to chaos and weaken the organization of oil exporters, which previously sought to demonstrate unity.
The UAE's decision comes as OPEC producers are already facing difficulties transporting oil through the Strait of Hormuz, through which typically a fifth of the world's crude oil and liquefied natural gas passes.
“The UAE’s exit from OPEC is a major victory for US President Trump, who accused the organization of "ripping off the rest of the world" by inflating oil prices,” Reuters writes.
OPEC (Organization of the Petroleum Exporting Countries) is an international intergovernmental organization created by countries. OPEC consists of 12 countries: Algeria, Venezuela, Gabon, Iraq, Iran, Congo, Kuwait, Libya, Nigeria, Saudi Arabia, Equatorial Guinea, UAE.
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