The UAE's announcement of its intention to withdraw from OPEC and OPEC+ in favor of focusing on "national interests" is a major blow to oil exporting associations, APA reports citing The Namibian newspaper.
The UAE's decision comes at a time when the US and Israeli war against Iran has caused upheaval in the entire energy sector and the global economy, the publication notes. The loss of the UAE, a long-standing OPEC member, could cause chaos and weaken the group, which has typically strived to maintain a unified position despite internal disagreements on a range of issues, from geopolitics to oil production quotas.
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