The United Arab Emirates said Tuesday it's exiting OPEC after more than 50 years — a blow to the powerful alliance of big oil producers. Why it matters: The UAE is the group's third-largest producer, and the departure will make it tougher for OPEC to control output and prices. - The country has previously bristled at production quotas under OPEC's market-management strategy. - But the departure came as a surprise. Driving the news: The UAE pointed to rising energy demand over the medium- to long-term. - The decision "reflects the UAE's long-term strategic and economic vision and evolving energy profile, including accelerated investment in domestic energy production," the country's energy ministry said. - The move "reinforces its…
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
House Judiciary Committee Chairman Jim Jordan joined “Wake Up America” to discuss the major investigations into two high-profile left-leaning organizations, the Southern Poverty Law Center and ActBlue.