OPEC+ Countries Agree on Oil Production Increase Following UAE Withdrawal
Seven OPEC+ countries with voluntary production cuts (Russia, Saudi Arabia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman) are likely to agree on another increase in oil production quotas; however, it will be adjusted to take into account the UAE’s withdrawal from the organisation, Reuters reported citing sources. The Emirates News Agency …
UAE Ministry of Energy Explained Why the Country Withdrew from OPEC
The United Arab Emirates (UAE) announced that they are withdrawing from OPEC and OPEC+ based on national interests, taking advantage of a “favourable moment” — the closure of the Strait of Hormuz. The UAE authorities claim that this will allow them to avoid a collapse in oil prices. The United …