Tensions with Saudi, Trump’s praise, next move: Deep dive into UAE’s decision to leave OPEC
Uncertainty has clouded the oil and gas trade that mainly flows through West Asia amid the war in Iran, which spilled over across the region. Adding to this, the United Arab Emirates decided to quit the Organisation of the Petroleum Exporting Countries (OPEC) and the larger OPEC group starting May 1.
By going independent, UAE can now make its own decisions regarding its oil production and sales. UAE is currently one of the world’s top 10 producers of oil and has the capability to enhance its production significantly.
