Opec Archives - Fox 40

United Arab Emirates to quit oil cartel Opec

Suhas Bhokare4 months ago4 months ago02 mins

The UAE joined Opec in 1967 and its departure will go away the oil cartel with 11 members. Saul Kavonic, head of power analysis at MST Financial, mentioned it was “the beginning of the end of Opec”. “With the UAE leaving, Opec loses about 15% of its capacity and one of its most compliant members.”…

United Arab Emirates leaving OPEC, effective May 1

Suhas Bhokare4 months ago4 months ago01 mins

The United Arab Emirates introduced Tuesday that it’s going to exit OPEC on May 1, in a serious blow to the cartel that coordinates manufacturing amongst lots of the world’s largest oil producers. The UAE’s shock announcement comes after the Gulf state was the goal of missile and drone assaults for weeks by fellow OPEC…