00:00OPEC suffered a heavy blow on Tuesday when the United Arab Emirates announced it had quit the
00:05oil exporting group. The stunning loss of the UAE, a long-standing OPEC and OPEC Plus member,
00:11could so disarray and weaken the energy-producing bloc. UAE Energy Minister Suhail Mohamed al-Mazrouwe
00:17told Reuters the decision was taken after a careful look at the regional power's energy
00:21strategies. He said, quote, this is a policy decision and has been done after a careful look
00:25at current and future policies related to level of production. Mazrouwe added the move would not
00:31have a huge impact on the market because of the situation in the Strait of Hormuz.
00:35It comes at a time when the Iran war has caused an historic energy shock and unsettled the global
00:39economy. OPEC Gulf producers have already been struggling to ship exports through the Strait
00:44of Hormuz. But the narrow choke point between Iran and Oman that once carried one-fifth of the globe's
00:49crude oil and liquefied natural gas has been effectively closed since the U.S. and Israel
00:53attacked Tehran at the end of February. The UAE exit from OPEC represents a big win for U.S.
00:59President Donald Trump, who has accused the organization of, quote, ripping off the rest
01:02of the world by inflating oil prices. Trump has also linked U.S. military support for the Gulf with
01:08oil prices, saying that while the U.S. defends OPEC members, they, quote, exploit this by imposing
01:13high oil prices. The move came after the UAE, a regional business hub and one of Washington's
01:19most important allies criticized fellow Arab states for not doing enough to protect it
01:24from numerous Iranian attacks during the war.
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01:59The U.S. and Israel. The U.S. and Israel. The U.S. and Israel. The U.S. and Israel.
02:00The U.S. and Israel. The U.S. and Israel. The U.S. and Israel. The U.S. and Israel.
02:00The U.S. and Israel. The U.S. and Israel. The U.S. and Israel. The U.S. and Israel.
02:00The U.S. and Israel. The U.S. and Israel. The U.S. and Israel. The U.S. and Israel.
02:00The U.S. and Israel. The U.S. and Israel. The U.S. and Israel. The U.S. and Israel.
02:00The U.S. and Israel. The U.S. and Israel. The U.S. and Israel. The U.S.
02:01You
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