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The United Arab Emirates said on Tuesday it quit OPEC and OPEC+, dealing a heavy blow to the oil exporting groups at a time when the Iran war has caused a historic energy shock and unsettled the global economy.
OPEC Gulf producers have already been struggling to ship exports through the Strait of Hormuz, a narrow chokepoint between Iran and Oman through which a fifth of the world’s crude oil and liquefied natural gas normally passes, because of Iranian threats and attacks against vessels.
United States President Donald Trump has accused OPEC of “ripping off the rest of the world” by inflating oil prices.
