US influenced UAE's decision to leave OPEC — expert

CARACAS, April 29. /TASS/. Venezuelan oil industry expert Miguel Jaimes has expressed the view that the United Arab Emirates’ decision to exit OPEC is influenced by US strategic interests, according to an interview with the state television channel Venezolana de Televisión. "The United States aims to transform the UAE into a forward base to confront Iran, complicating Tehran’s ability to negotiate various agreements within OPEC," Jaimes explained. He further argued that the US is actively seeking to undermine the cohesion of OPEC+, a coalition led by Russia and Saudi Arabia, by applying pressure on member countries - including Russia - over the Ukraine conflict. Jaimes recalled that the US has long waged a campaign not only against Iran but also against OPEC itself. He recalled that the US Department of Energy, established in 1977, was created to impose sanctions, restrictions, and measures designed to weaken OPEC’s influence on global oil markets. Emphasizing Venezuela’s historical significance, he pointed out that the country is one of the founding members of OPEC and underscored the organization’s crucial role in maintaining stable global oil prices. Earlier, the UAE’s state news agency WAM announced that the country would withdraw from OPEC and OPEC+ starting May 1, 2026. Despite this move, the UAE reaffirmed its commitment to stabilizing the global fuel market, stating that its oil production policies will continue to "consider global supply and demand.".