"UAE energy minister Suhail Mohamed al-Mazrouei stated, 'This is a policy decision... after a careful look at current and future policies related to the level of production,' emphasizing that the move was not discussed in advance with other countries, including Saudi Arabia."
"Despite being a long-standing member of Opec, the UAE's departure signals growing strain within the oil-producing bloc at a time when coordinated output policy is under intense pressure."
"Analysts warn the symbolic impact could be far more significant, raising questions about cohesion within Opec+ and the ability of major producers to act in concert during a period of extreme market volatility."
The UAE has withdrawn from OPEC and OPEC+, escalating tensions in global energy markets and impacting oil prices. This decision follows increased conflict between the US and Iran, affecting shipping through the Strait of Hormuz. UAE energy minister Suhail Mohamed al-Mazrouei stated the withdrawal was a sovereign policy choice, not coordinated with other members. While immediate market impacts may be limited, analysts warn of significant symbolic effects on OPEC+ cohesion amid market volatility and regional tensions, highlighting fractures in alignment among Gulf states.
Read at London Business News | Londonlovesbusiness.com
Unable to calculate read time
Collection
[
|
...
]