UAE announces exit from OPEC and OPEC+ amid Gulf tensions
Business
Big news in the oil world: the UAE just announced it is leaving OPEC and OPEC+.
This is a major shake-up, since OPEC has mostly stuck together even when its members disagreed.
The move comes as tensions rise in the Gulf, with Iran threatening oil shipments through the crucial Strait of Hormuz.
Anwar Gargash criticizes Gulf Cooperation Council
UAE officials say they're frustrated by weak support from other Arab countries against Iranian aggression.
Anwar Gargash, a top adviser to the UAE president, called out the Gulf Cooperation Council for being The Gulf Cooperation Council countries supported each other logistically, but politically and militarily, I think their position has been the weakest historically, in its response.
The exit also puts a spotlight on shifting alliances.