Faisal Islam: Why the UAE's exit from Opec is a big deal
It will have little effect on the current oil blockades, but it could change everything afterwards.
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Faisal Islam: Why the UAE's exit from Opec is a big deal1 hour agoShareSaveAdd as preferred on GoogleFaisal IslamEconomics editorGetty ImagesIt is a very big deal that the United Arab Emirates (UAE) has announced its abrupt exit from Opec, the Organisation of Petroleum Exporting Countries. The Emiratis were members even before they became a nation state in 1971.Opec is the organisation of mainly Gulf oil exporters, which for many decades controlled the price of crude oil by decreasing or increasing production and allocating quotas across its membership. It had a vital role in 1970s oil crises, which in turn transformed global energy policy.While Opec production is dominated by Saudi Arabia, the UAE had the second highest spare production capacity.
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