June 18, 2026
The decision is part of a deeper rupture in ties in which Abu Dhabi is prioritising autonomy over deference to Riyadh, analysts say
The OPEC exit widens a rift between the UAE and its neighbour Saudi Arabia
Energy minister says the decision followed a review of regional energy strategies
Strait of Hormuz closure disrupts Middle East oil exports, refiners seek alternatives
The official reiterates Iran's threat that any foreign attack on Kharg island would lead to "a greater humiliation than the Strait of Hormuz"
US President Trump has threatened to strike Iran, an OPEC member
Venezuela, a founding member of the oil cartel, sits atop some of the world’s largest crude reserves but has seen output collapse in recent years
Venezuelan crude exports fall sharply after US tanker seizure
