The United Arab Emirates’ shock announcement that it is leaving OPEC is a severe blow to the oil exporters’ alliance and to its leading rival for influence, Saudi Arabia. The move comes at a particularly sensitive time, as the conflict in the Middle East has triggered a historic energy shock and destabilized the global economy.
The UAE’s decision follows a series of missile and drone attacks by fellow OPEC member Iran, while the closure of the Strait of Hormuz has disrupted Emirati exports and weighed on the backbone of its economy….
