United Arab Emirates to quit oil cartel Opec
The United Arab Emirates will leave Opec and Opec+ next month after nearly 60 years, citing a need for greater flexibility to meet rising global energy demand and expand oil production. The move, seen as a significant blow to the cartel, may undermine Opec's cohesion and influence, with analysts suggesting it could signal the beginning of the alliance's decline. The UAE's exit follows major investments in production capacity and growing frustration with output quotas, particularly amid uneven compliance by other members. While the departure won't immediately affect global supply due to disruptions in the Strait of Hormuz, it could lead to higher output and market volatility in the long term.
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United Arab Emirates to quit oil cartel Opec10 minutes agoShareSaveAdd as preferred on GoogleNick Edser,Archie MitchellandJonathan Josephs,Business reportersAFP via Getty ImagesThe United Arab Emirates (UAE) is quitting the Opec and Opec+ groups of major oil producing nations next month after nearly 60 years of membership.The UAE said its decision would help it meet growing global energy demand in the long term after recent investments to boost its production capacity. It is seen as a blow to the cartel, with one analyst describing the exit as "the beginning of the end of Opec".The Gulf state's energy minister said being a country with no obligation under the groups would give it more flexibility.The UAE's departure represents a win for US President Donald Trump, who has previously…
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