UAE has been a renowned name to the world following its rapid advancement to a developed economy in a very short span of time. UAE is the first middle eastern nation to base its economy on any other sector than petroleum.
The United Arab Emirates hasn’t been a major oil supplier, but it has been an influential one. Its supplies are essential to keep the market balanced and running in a proper fashion just as other OPEC (Organization of the Petroleum Exporting Countries) nations are. Saudi Arabia also the member of OPEC faced an attack on Saturday 14th September 2019, on its oil-rich regions. The attack is believed to be carried out by Iran backed Yemeni terrorist group also they have taken the responsibility for the attack. With this attack, there has been a major cut in supplies in the global market which has disrupted the oil chain. The global economy is already facing a crisis, and this is further adding to the crisis plunging it closer to a breakdown. UAE, however, said that the OPEC has enough supplies to fill in the ridge created by the Saudi attacks and oil cuts. With this assurance from the United Arab Emirates, the world needs to initiate talks between these OPEC and create a solution to this problem. UAE with this move has proved it wants to aid the global energy market through cooperation.
With these developments, we hope that the petroleum market stabilizes, and we get to see the energy sector back to its normal stage. UAE has an important role to play in this deal.