The cartel of oil-producing states has been gradually losing its geopolitical power since the 1970s, the journalist told RT
The decision by the United Arab Emirates to leave OPEC will further weaken the cartel of oil producers, whose power has been eroding over the years, Afshin Rattansi, host of Going Underground, has told RT.
The Emirati government announced the departure on Tuesday, citing plans to focus on “national interests” and the Gulf state’s “long-term strategic and economic vision and evolving energy profile.” The move comes amid uncertainty over the Strait of Hormuz, a waterway crucial to global oil trade, which has remained largely closed to shipping since February due to the US-Israeli war with Iran.
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