US EditionUAE Leaves OPEC: Emirates Expect Nothing More From Neighbours
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For years, the United Arab Emirates (UAE) has had disagreements with Saudi Arabia, the most powerful member of OPEC, over these production quotas. Emirati Energy Minister Suhail al Mazrouei told the New York Times on Tuesday, April 28: “The world needs more energy. The world needs more resources and UAE wanted to free itself from the restrictions of any group.” “Losing a member with a capacity of 4.8 million barrels per day and the ambition to p…
The announced departure of the United Arab Emirates from OPEC, the Organization of Petroleum Exporting Countries, and the OPEC+ alliance from May, surprised many analysts, busy deciphering the course of the war between the United States and Israel against Iran. The world’s sixth largest producer of crude oil seeks to freely exploit its vast reserves of so-called black gold, a possibility that it now sees limited by OPEC membership. Apparently, t…
The United Arab Emirates is leaving OPEC, sending a strong signal.
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