<p>Dubai: The United Arab Emirates said on Tuesday it was quitting OPEC and OPEC+, dealing a heavy blow to the oil exporting groups and their de facto leader, Saudi Arabia, at a time when the Iran war has caused a historic energy shock and unsettled the global economy.</p><p>The loss of the UAE, a longstanding OPEC member, could create disarray and weaken the group, which has usually sought to show a united front despite internal disagreements over a range of issues from geopolitics to production quotas.</p>.Pakistan repays $3.45 billion loan to UAE.<p>UAE Energy Minister Suhail Mohamed al-Mazrouei told <em>Reuters</em> the decision was taken after a careful look at the regional power's energy strategies.</p><p>Asked whether the UAE consulted with Saudi Arabia, he said the UAE did not raise the issue with any other country.</p><p>"This is a policy decision, it has been done after a careful look at current and future policies related to level of production," said the energy minister.</p><p>OPEC Gulf producers have already been struggling to ship exports through the Strait of Hormuz, a 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.</p><p>Mazrouei said the move would not have a huge impact on the market because of the situation in the strait.</p><p>But the UAE exit from OPEC represents a win for US President Donald Trump, who has accused the organisation of "ripping off the rest of the world" by inflating oil prices.</p><p>Trump has also linked US military support for the Gulf with oil prices, saying that while the US defends OPEC members they "exploit this by imposing high oil prices".</p><p>The move came after the UAE, a regional business hub and one of Washington's most important allies, criticised fellow Arab states for not doing enough to protect it from numerous Iranian attacks during the war.</p><p>Anwar Gargash, the diplomatic adviser for the UAE president, criticised the Arab and Gulf response to the Iranian attacks in a session at the Gulf Influencers Forum on Monday.</p>.Trump unhappy with Iranian proposal, US official says.<p>"The Gulf Cooperation Council countries supported each other logistically, but politically and militarily, I think their position has been the weakest historically," Gargash said.</p><p>"I expect this weak stance from the Arab League and I am not surprised by it, but I haven't expected it from the (Gulf) Cooperation Council and I am surprised by it," he said.</p>
<p>Dubai: The United Arab Emirates said on Tuesday it was quitting OPEC and OPEC+, dealing a heavy blow to the oil exporting groups and their de facto leader, Saudi Arabia, at a time when the Iran war has caused a historic energy shock and unsettled the global economy.</p><p>The loss of the UAE, a longstanding OPEC member, could create disarray and weaken the group, which has usually sought to show a united front despite internal disagreements over a range of issues from geopolitics to production quotas.</p>.Pakistan repays $3.45 billion loan to UAE.<p>UAE Energy Minister Suhail Mohamed al-Mazrouei told <em>Reuters</em> the decision was taken after a careful look at the regional power's energy strategies.</p><p>Asked whether the UAE consulted with Saudi Arabia, he said the UAE did not raise the issue with any other country.</p><p>"This is a policy decision, it has been done after a careful look at current and future policies related to level of production," said the energy minister.</p><p>OPEC Gulf producers have already been struggling to ship exports through the Strait of Hormuz, a 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.</p><p>Mazrouei said the move would not have a huge impact on the market because of the situation in the strait.</p><p>But the UAE exit from OPEC represents a win for US President Donald Trump, who has accused the organisation of "ripping off the rest of the world" by inflating oil prices.</p><p>Trump has also linked US military support for the Gulf with oil prices, saying that while the US defends OPEC members they "exploit this by imposing high oil prices".</p><p>The move came after the UAE, a regional business hub and one of Washington's most important allies, criticised fellow Arab states for not doing enough to protect it from numerous Iranian attacks during the war.</p><p>Anwar Gargash, the diplomatic adviser for the UAE president, criticised the Arab and Gulf response to the Iranian attacks in a session at the Gulf Influencers Forum on Monday.</p>.Trump unhappy with Iranian proposal, US official says.<p>"The Gulf Cooperation Council countries supported each other logistically, but politically and militarily, I think their position has been the weakest historically," Gargash said.</p><p>"I expect this weak stance from the Arab League and I am not surprised by it, but I haven't expected it from the (Gulf) Cooperation Council and I am surprised by it," he said.</p>