
The United Arab Emirates (UAE) announced on April 28 that it will leave the global oil producers’ cartel Opec. Its decision is the latest sign that the war in the Middle East has not only deepened animosities between Iran and its Gulf neighbours, but among the Gulf states too.
Founded in 1960, Opec is a rare success story among multilateral organisations in the region. Its policies paved the way for Gulf oil producers to have enough funds to buy back or renationalise their oil resources, and finance the spectacular development of their states.