The UAE has left OPEC after more than 50 years, threatening further instability for the world's oil markets. The UAE announced it will leave the oil cartel effective May 1.
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“Following its exit, the UAE will continue to act responsibly, bringing additional production to market in a gradual and measured manner, aligned with demand and market conditions,” the country added.
The loss of a key producer could weaken OPEC’s control over oil market stability and could further divide the group. The move signals rising friction with Saudi Arabia, which has long steered the group’s oil policy.
PresidentDonald Trumphas been highly critical of the OPEC in the past and UAE's exit could be seen as a win for the 79-year-old.
In 2018 he told the U.N. General Assembly that OPEC is “ripping off the rest of the world” by pushing oil prices higher.
He told a gathering of world leaders: “OPEC and OPEC nations are as usual ripping off the rest of the world, and I don’t like it. Nobody should like it."
Source: Daily Express :: World Feed
