United Arab Emirates to quit oil cartel OPEC
5 hours ago
- #Oil Market
- #UAE
- #OPEC
- UAE announces departure from OPEC and OPEC+ after nearly 60 years, citing long-term strategic and economic vision.
- Decision seen as blow to cartel, with analyst calling it 'beginning of the end' and reducing OPEC capacity by about 15%.
- Exit reflects UAE's frustration with production quotas and uneven compliance by some members, influenced by Iran's actions.
- World Bank warns war in Middle East causing record oil supply loss, raising energy prices and hitting poorest hardest.
- Saudi Arabia may struggle to maintain OPEC cohesion, potentially leading other members to follow UAE's departure.