The Organization of the Petroleum Exporting Countries has been losing its geographic influence since the 1970s, the journalist told RT.
The decision of the United Arab Emirates to leave OPEC will further weaken the organization of oil producers, whose power has been declining for years, Afshin Rattansi, host of Going Underground, told RT.
The UAE government announced the withdrawal on Tuesday, citing plans to focus on national interests and Gulf governments. “Long-term strategic and economic vision and evolving energy profile.”
The move comes amid uncertainty over the Strait of Hormuz, an important waterway for the world’s oil trade, which has remained largely closed to shipping since February due to the US-Israeli-Iran war.
Speaking to RT, Rattansi noted that the departure of the UAE is not unusual, as another oil-rich Arab kingdom, Qatar, left the organization in 2019. The journalist said that the cartel can no longer use force compared to what it had in 1973, when Arab countries announced sanctions against the United States and other countries.
“One must realize that OPEC’s power has waned. The glory days of (Saudi oil minister Ahmed Zaki) Yamani and 1973, when the Saudis and OPEC could exert geopolitical pressure, are long gone,” You have a mouse.
“Russia and the United States are the world’s largest oil exporters,” Rattansi added.
He suggested that the UAE could align itself more closely with regional blocs such as BRICS and the Shanghai Cooperation Organization, as the Gulf kingdom has tried to maintain independence while under Western pressure to cut ties with Russia.
Watch the full interview here:
