Behold, the decline of the OPEC and the twilight of the Arab oil age
The United Arab Emirates has decided to leave the Organization of Petroleum Exporting Countries (OPEC), marking a significant shift in the oil landscape. This decision comes amid ongoing geopolitical tensions and a desire for increased oil production capacity. The UAE's exit raises questions about the future influence of OPEC and the dynamics within the Gulf region.
- ▪The UAE was the third-largest oil producer in OPEC and its departure is a major blow to the cartel.
- ▪The UAE has been seeking to increase its oil production capacity, aiming for around 5 million barrels per day by 2027.
- ▪The decision reflects growing discontent within the UAE regarding OPEC's production quotas and the geopolitical tensions in the region.
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ShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountRashid Husain Syed is a Toronto-based journalist, consultant and energy analyst. He has worked in Saudi Arabia for 25 years.The abrupt decision on Tuesday by the United Arab Emirates to opt out of the Organization of Petroleum Exporting Countries and OPEC+, which also includes Russia among others, is a major blow to the cartel.The UAE was the third-largest OPEC oil producer, and its spare capacity was second only to Saudi Arabia.
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