"The United Arab Emirates' shock exit from the oil cartel on Tuesday after 60 years is expected to weaken the alliance, which under the leadership of Saudi Arabia has helped to soothe volatility in the global oil market for decades."
"In a postwar standoff between the two Gulf oil heavyweights, there lies the real risk of a price war in which global energy markets could plunge, with unpredictable economic consequences."
"Saudi Arabia is expected to aggressively market its oil to Asian buyers, which also rely on the UAE, by offering discounts on its crude and fuels."
The United Arab Emirates has exited Opec after 60 years, potentially weakening the alliance that has stabilized global oil markets. Oil prices surged to over $126 a barrel amid ongoing regional conflicts. The UAE plans to ignore Opec production quotas, but Iran's blockade limits its actions. A price war between Saudi Arabia and the UAE could ensue, impacting global energy markets. Saudi Arabia may respond by aggressively marketing its oil to Asian buyers, aiming to regain market share lost to the UAE.
Read at www.theguardian.com
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