The United Arab Emirates announced that it will leave OPEC and OPEC+ on May 1.
The Organisation of the Petroleum Exporting Countries (OPEC) is a bloc formed of oil-exporting nations, who coordinate their oil and gas policies as a means of managing the oil market.
The UAE's decision to leave OPEC is a major blow as it is currently the third-largest producer behind Saudi Arabia and Iraq.
It can produce nearly 4.9 million barrels of oil per day, though its actual output has remained below that level due to OPEC output quotas.
The exit could add some pressure on oil prices in the future as OPEC will no longer have a say in how much oil the UAE produces.
#uae #opec #oil #news #politics #middleeast #shorts
Daily Mail Website: https://www.dailymail.co.uk
Daily Mail Facebook: https://facebook.com/dailymail
Daily Mail IG: https://instagram.com/dailymail
Daily Mail Snap: https://www.snapchat.com/discover/Daily-Mail/8392137033
Daily Mail Twitter: https://x.com/dailymail
Daily Mail Pinterest: https://pinterest.co.uk/dailymail
- Spain is ‘reliable’ NATO member, PM says after reported US ouster threat The Straits Times —
- U.S. officials head to Pakistan for more talks as uncertainty remains on Iran participation CBS News —
- Iran rules out talks with US unless blockade of ports lifted • FRANCE 24 English 📹 France 24 — · 3min
- US envoys set to arrive in Pakistan, but direct meeting with Iran is unclear ABC News —
- US-Iran Talks Unlikely to Reach Breakthrough, GOP Lawmaker Says Bloomberg —
UAE to leave OPEC in a heavy blow to the oil cartel
Daily Mail
— — 16sec