United Arab Emirates to Quit Oil Cartel Opec

Kremlin Hopes OPEC+ Will Stand Firm Despite UAE Exit

The Kremlin said Wednesday it hopes the departure of the United Arab Emirates from OPEC and the expanded OPEC+ alliance will not lead to the collapse of the oil cartel. “We of course would like to hope so,” Kremlin spokesman Dmitry Peskov told reporters when asked if Russia remains committed to stabilizing global energy markets through the OPEC+, of which it is a member.

UAE to Exit OPEC, Putting Pressure on Global Oil Markets

The United Arab Emirates announced on Tuesday, 28 April, that it will leave the Organization of the Petroleum Exporting Countries (OPEC) effective May 1, removing one of the group’s top producers and further testing the cartel’s influence over global oil markets. The decision, shared through the UAE’s state-run news agency WAM, also includes the country’s withdrawal from the broader OPEC+ alliance, which coordinates with other producers like Rus…

Albo backs UAE’s shock oil cartel exit

Anthony Albanese has weighed in on the United Arab Emirates’ decision to leave a cartel of major global oil producers.

Emiratis’ exit from OPEC will boost the flow of oil after the war

UAE’s defection will reduce the oil cartel’s influence over the global energy market and help make up for the billion barrels of oil lost because of the closure of the Strait of Hormuz.

Labour blasted as Britain faces £70BN hit from Middle East war

The Middle East energy shock could plunge the UK into recession and wipe close to £70billion off the economy over the next two years, according to a doom-laden report.

Amid Iran war and tensions with neighbours, UAE goes its own way

The United Arab Emirates’ decision to leave Opec has rocked the region, underscoring how the country, at odds with Saudi Arabia, is increasingly charting its...