The UAE's Brexit from OPEC is backed by years of rifts with Saudi Arabia

Crypto news, UAE and Saudi Arabia’s increasingly worsening rift is the core reason behind their surprising decision to withdraw from OPEC. According to multiple insiders, the competition between the two countries has been brewing for years, but it was the consequences of the U.S.-Israel conflict with Iran that provided the opportunity for the UAE to announce its withdrawal on Tuesday. One source said, it’s like the “younger brother” no longer wants to be bound by the “older brother.” Some insiders indicated that, besides withdrawing from OPEC, the UAE is also considering its membership in two regional organizations where Saudi Arabia has significant influence. They stated that although no final decision has been made, the UAE might freeze its seat in the Arab League and take similar actions against the Organization of Islamic Cooperation. The UAE earlier on Wednesday said it would work to support the organization, but Anwar Gargash, the UAE President’s diplomatic adviser, stated earlier this week that the organization is in its “weakest state in history.”