United Arab Emirates announces withdrawal from OPEC oil cartel
By
Nick Edser, Archie Mitchell
Pale, doughy, and a touch sad. Eat if peckish.
Summary
The United Arab Emirates has announced its decision to leave OPEC and OPEC+, the major oil-producing cartels. OPEC was founded in 1960 by five countries to coordinate oil production and ensure steady revenue for members. The UAE joined in 1967, and its departure will reduce the cartel to 11 members. Energy analyst Saul Kavonic described this as "the beginning of the end of OPEC," signaling potential fragmentation within the oil alliance.
Key quotes
· 2 pulledIt was 'the beginning of the end of Opec'
With the UAE leaving, O
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