UAE Leaves OPEC Amid Regional Turmoil Following US-Israeli Attack on Iran

The United Arab Emirates (UAE) has announced its decision to leave its membership of the Organization of the Petroleum Exporting Countries (OPEC) before peace is restored in West Asia, which is in turmoil due to the joint US-Israeli military attack on Iran. In fact, starting today (May 1), it will produce and sell oil independently of OPEC's production control order. It is not yet clear how much of a blow this decision will be to OPEC's influence in the oil world. The UAE feels that its financial interests in OPEC, which is currently controlled by Saudi Arabia, are being undermined. OPEC members cannot produce more than the specified amount. The UAE wants to produce much more oil and make more money by selling it. They have plans to double production in the next few years. There are also political and geopolitical strategic reasons for leaving their membership. The US-Israeli war of aggression against Iran has caused considerable damage outside Iran, and Iran has suffered the greatest losses in the past few years due to its military bases in the Persian Gulf.