In an existential blow to the historically indomitable oil cartel, the Gulf monarchy announced that it would instead “respond to evolving market needs” by adjusting production to “take into account global supply and demand.”
On paper, the UAE’s decision may look like a ploy to bolster its financial bottom line amid regional tumult in the two-plus months of hostilities between Iran and the United States. After all, the UAE’s production capacity has improved by 1 million barrels of oil per day since 2019, more than any other member, and such production puts it well on the way to achieving its goal of producing 5 million barrels per day and driving down global oil prices — all in opposition to OPEC’s intentions as price setters.
But the UAE’s withdrawal is less about short-term economic interest and more a declaration of liberation from the political failures of decades of global Iranian appeasement. And
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