Why The UAE Left OPEC

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0:00The UAE's exit from OPEC may be less about oil and more about where Abu Dhabi sees its future.

0:06The UAE wants to capitalize on its reserves while it still can and use

0:10that wealth to accelerate growth beyond energy.

0:13The quotas were becoming a bit of an irritant for Abu Dhabi.

0:17The strategy now is to use oil to become a post oil economy.

0:22Some of the fastest growing sectors of the economy here are in areas like

0:25tourism and aviation and logistics and advanced manufacturing, for example.

0:30Then came the war in Iran.

0:32Iran attacking eight Gulf states, retaliating against US and Israel...

0:36On February 28, the US and Israel launched widescale coordinated air strikes on Iranian

0:42targets, triggering a wider regional conflict.

0:45Iran targeted Emirati territory directly. They sent smoke over Dubai's skyline.

0:50Abu Dhabi really absorbed those attacks largely alone.

0:54Sitting over the table with Iran in OPEC, perhaps they're finding that more and more difficult.

1:00The UAE aligned very closely with the US and Israel at the onset of the war,

1:04while Saudi Arabia has worked more quiet diplomatic channels, and

1:09Riyadh has also come to view elements of that UAE alignment in poor light.

1:14The gap between the UAE and Saudi Arabia,

1:16OPEC's two biggest producers, also appears to be widening.

1:19These are countries that are brothers and partners,

1:23but it's also fair to say like most families, they have their differences.

1:26What really looked like an unbreakable alliance a decade ago, has developed some fault lines.

1:31More recently, these countries are on the opposite

1:34sides of a growing list of pressure points, including Sudan and Yemen.

1:39Which paves the way for stronger alliances outside OPEC.

1:42The map is genuinely being redrawn. The UAE might actually reconsider

1:47other regional memberships beyond OPEC as Abu Dhabi maps out its post-war future.

1:53The UAE's bet now is that its future belongs in Washington's orbit, in the Abraham Accords

1:59framework, and of course at the table of global tech and finance, not at the table of OPEC.

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