The United Arab Emirates (UAE) is exiting OPEC, signaling a shift in global oil dynamics as energy prices surge amid the Iran war.
PULSE POINTS WHAT HAPPENED: The United Arab Emirates (UAE) has announced it is leaving the Organization of the Petroleum Exporting Countries (OPEC), the global cartel of oil-producing countries. The decision to leave the organization is seen as a move by the country towards increasing oil production. DETAIL: On Tuesday, the UAE announced its decision to leave OPEC after nearly 60 years . The country was the cartel’s third-largest oil producer after Saudi Arabia and Iraq. Prior to the UAE’s departure from OPEC, the organization comprised 12 member countries: Algeria, the Republic of the Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, Venezuela, and the UAE. The UAE’s departure follows major…Open