Why UAE’s exit from Opec is good news for Asia’s energy security

South China Morning Post South China Morning Post —

Asia’s oil import-dependent economies will benefit from the United Arab Emirates’ (UAE) exit from Opec, though the ongoing closure of the arterial Strait of Hormuz may not offer any immediate relief from soaring prices, analysts say.
Global oil prices continued to surge on Wednesday, with benchmark Brent crude oil prices hitting US$111 a barrel and US West Texas Intermediate (WTI) approaching US$100 a barrel.

Before the Iran war, Brent was trading around US$70 a barrel, while WTI was about US$65...

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UAE to exit OPEC cartel