Loss of Emirates Further Weakens OPEC’s Influence
The exit of the United Arab Emirates is the most significant in a series of departures from the oil cartel in recent years.
The exit of the United Arab Emirates is the most significant in a series of departures from the oil cartel in recent years.
The United Arab Emirates’ decision to leave OPEC has rocked the region, underscoring how the country, at odds with Saudi Arabia, is increasingly charting its own course.
The Gulf government has long complained about the group’s quotas, which officials believe unfairly limited its exports. Its departure is expected to weaken OPEC’s influence.
President Trump first gave Iran 48 hours to reopen the vital oil shipping route on March 21. The deadline has been reset many times since.
How long prices remain high will depend on what the United States, Israel and Iran do next.
The cartel pledged to increase output by 206,000 barrels a day from next month, and said that members would “closely monitor and assess market conditions.”
Having reshaped the company, Sultan Ahmed Al Jaber wants to expand internationally, particularly in natural gas, chemicals and renewables.
A fragile cease-fire in the Middle East and an oil supply chain without significant disruptions have helped keep gas prices stable.
A fragile cease-fire in the Middle East and an oil supply chain without significant disruptions have helped keep gas prices stable.
Industry experts are examining possible scenarios, including one in which the price of oil doubles this year.