How will the UAE leaving OPEC affect oil prices? | ABC NEWS
The United Arab Emirates (UAE) is set to withdraw from the OPEC oil cartel, as the country seeks to escape the influence of Saudi Arabia amid the global energy crisis triggered by the Iran war.
The decision is not expected to immediately disrupt global energy markets as no Gulf states can drastically increase supply in current conditions.
The Macdonald-Laurier Institute’s Heather Exner-Pirot says the departure of the UAE does not pose an existential threat to the oil producers’ pact but a weaker OPEC could lead to more market volatility in the future.
However, after the Strait of Hormuz is opened the UAE will be able to ramp-up production and gain more of a market share outside the cartel.
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