"The world needs more energy. The world needs more resources and [the] UAE wanted to be unconstrained by any groups. Losing a member with 4.8 million barrels per day of capacity, and the ambition to produce more, takes a real tool out of the group's hands."
"With demand nearing a peak, the calculation for producers with low-cost barrels is changing fast, and waiting your turn inside a quota system starts to look like leaving money on the table."
The UAE has decided to exit OPEC and the OPEC+ alliance to increase its oil production capacity, which has been limited by OPEC quotas. Energy Minister Suhail Al Mazrouei emphasized the need for more energy resources. Analysts view this move as a strategic decision by the UAE to act independently, especially as it holds significant spare capacity. The exit weakens OPEC's control and Saudi Arabia's leadership, as the UAE's production capabilities are crucial for managing output adjustments within the cartel.
Read at www.dw.com
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