World
Glory days of OPEC long over – Afshin Rattansi (VIDEO)
The cartel of oil-producing states has been gradually losing its geopolitical power since the 1970s, the journalist told RT
The decision by the United Arab Emirates to leave OPEC will further weaken the cartel of oil producers, whose power has been eroding over the years, Afshin Rattansi, host of Going Underground, has told RT.
The Emirati government announced the departure on Tuesday, citing plans to focus on “national interests” and the Gulf state’s “long-term strategic and economic vision and evolving energy profile.” The move comes amid uncertainty over the Strait of Hormuz, a waterway crucial to global oil trade, which has remained largely closed to shipping since February due to the US-Israeli war with Iran.
Speaking to RT, Rattansi noted that the UAE’s departure is not unprecedented, as another oil-rich Arab monarchy, Qatar, left the organization in 2019. The journalist argued that the cartel can no longer wield power comparable to what it had in 1973, when Arab countries declared an embargo on the US and other states supporting Israel.
“One has to realize that OPEC’s power has diminished. The glory days of (Saudi oil minister Ahmed Zaki) Yamani and 1973, when the Saudis and OPEC could exert geopolitical pressure, are long over,” Rattansi said.
“Russia and the United States are the top oil suppliers in the world,” 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 monarchy has sought to maintain independence while under Western pressure to cut ties with Russia.
Watch the full interview here:
