This departure will leave a gaping hole—the UAE is the group’s third-biggest oil producer. Their reasoning? The nation has long claimed that OPEC’s price-setting quotas curtail its exports. Now, the UAE hopes to ramp up production to match consumer demand. But this likely won’t affect oil prices in the near term as the Strait of Hormuz closure limits the region’s production overall.
The endgame? Other countries could follow suit, including Kazakhstan. Less oil under OPEC’s control could equal even more crude chaos around the globe.
Molly Glick
Energy Central Team
ter, abr 28
NEWS: After over 50 years, the UAE is ditching OPEC. 👋
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