United Arab Emirates to quit oil cartel Opec
The UAE leaving Opec is seen as a major blow and potential death knell for the oil cartel.
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Notable Quotes
"ripping off the rest of the world"
— Donald Trump , Politician
"the beginning of the end"
— Saul Kavonic , Academic
"a major blow to the future effectiveness"
— Neil Atkinson , Executive
"The poorest people, who spend the highest share of their income on food and fuels, will be hit the hardest."
— Indermit Gill , Academic
"could lead to lower oil prices but higher volatility on the market in the coming decades."
— David Oxley , Academic
"criticised the Arab and Gulf states for not doing enough to protect it from Iranian attacks during the Middle East conflict"
— Anwar Gargash , Politician
"The UAE withdrawal marks a significant shift for Opec."
— Jorge León , Other
Key People
Anwar Gargash is a presidential advisor in the UAE.
Chief climate and commodities economist at Capital Economics.
Former president of the United States known for his aggressive economic policies.
Chief economist at the World Bank.
Senior vice president and head of geopolitical analysis at Rystad Energy.
Former head of the oil industry and markets division at the International Energy Agency.
Head of energy research at MST Research.
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All Coverage
The UAE leaving Opec is seen as a major blow and potential death knell for the oil cartel.
The UAE's departure from OPEC is seen as a blow to the oil cartel, potentially weakening its ability to influence global oil prices amid ongoing geopolitical tensions.
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