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 measures aim to crack down on Iran’s shadow banking system and Chinese purchases of Iranian oil.
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.
Even the largest global supplier of liquefied natural gas can’t make up for the shortfall since the war in Iran cut off an important source.
Each side is betting it can last longer than the other, analysts say. But there are risks in a stalemate without a deal.
Cease-fires in Lebanon and Iran are on shaky ground, with military attacks flaring and direct talks between Washington and Tehran to end their war stalled.
Iran’s foreign minister has already arrived in the country, state media reported. He was believed to be carrying a written response to a U.S. proposal to end the war.
The move was intended to ensure the flow of fuel in the United States, but some economists say it might reduce gas prices for consumers only a small amount.
Secretary of State Marco Rubio said that while the players were welcome, anyone accompanying them who has links to the Iranian military would be denied entry.
It was the second such action this week, as the Trump administration ramps up pressure on Tehran.