"The UAE's decision to leave Opec reflects its long-term strategic and economic vision, allowing for greater flexibility in pursuing its production ambitions outside the cartel's quota system."
"Saul Kavonic described the UAE's departure as 'the beginning of the end of Opec', indicating that the cartel will struggle to maintain its cohesion and production discipline."
"With the UAE's exit, Opec loses roughly 15 percent of its production capacity, which could lead to increased competition among producers and greater price volatility in the oil market."
The United Arab Emirates has decided to withdraw from Opec and Opec+ after nearly 60 years, citing its long-term strategic vision. This move could lead to increased price volatility in the oil market, affecting UK businesses already facing high energy costs. The UAE's exit means a loss of about 15% of Opec's production capacity, raising concerns about the cartel's stability. Analysts predict that Saudi Arabia will face challenges in maintaining cohesion within Opec, potentially leading to greater competition and fluctuating oil prices.
Read at Business Matters
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