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The UAE’s OPEC exit may look dramatic, but consequences could be less significant than suggested.
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The UAE’s OPEC exit may look dramatic, but consequences could be less significant than suggested.
In all the noise and chaos that is surrounding the ongoing crisis in the Middle East, the decision by the United Arab Emirates (UAE) to leave OPEC with “immediate effect” (May 1st) was certainly a surprise. Was the timing deliberate, because attention was elsewhere and thus the news could be buried? Or was it the opposite – an intentional attempt to ratchet up crisis levels? And why would one of the long-standing members of OPEC choose to leave …
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