US Edition“For the Emirates, Iran Has Become a Toxic Neighbor”: Why Abu Dhabi Is Leaving Opec
9 Articles
9 Articles
The United Arab Emirates announced on Tuesday, April 28, its withdrawal from the Organization of the Petroleum Exporting Countries (OPEC), a decision that surprised markets. Effective May 1, it was taken in the name of their "national interests," Abu Dhabi stated. At the heart of the tensions: Iran, also a member [...]
The United Arab Emirates justify their withdrawal from the Opec cartel purely economically. In the background, however, there is a conflict with Saudi Arabia.
The withdrawal of the United Arab Emirates from the Organization of Petroleum Exporting Countries could have a significant impact on oil prices.
The departure of the United Arab Emirates from OPEC, the organization’s third largest producer, reduces the cartel’s ability to influence oil prices and marks the beginning of a phase with less real power, according to an analysis by the Caraiva and Associates consultancy. The analysis points out that the departure of one of its members with greater volume, discipline and investment capacity weakens the group’s internal coordination and limits i…
The United Arab Emirates, one of the world’s leading crude oil producers, announced last Tuesday its intention to leave the Organization of Petroleum Exporting Countries (OPEC) and OPEC+ — an alliance that includes more countries, such as Russia — with effect from May 1. As a main reason, the country of the Persian Gulf has given “the country’s impetus to trade policies aligned with the fundamentals of the market in the long term.”
Amid an unprecedented energy crisis caused by the Iran war, the United Arab Emirates is leaving OPEC, further reducing the cartel's already fading role as a market regulator. The conflict has exposed the differences between the Emirates and Saudi Arabia, while the emerging energy superpower, the United States, has benefited the most.
Coverage Details
Bias Distribution
- 34% of the sources lean Left, 33% of the sources are Center, 33% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
