UAE to quit Opec in blow to oil exporters’ cartel
Big win for Donald Trump, who has accused organisation of ‘ripping off the rest of the world’ by inflating oil prices Business live – latest updates The United Arab Emirates has quit the Opec oil cartel in a heavy blow to the group and its de facto leader, Saudi Arabia, amid the global energy shock caused by the Iran war. The stunning loss of the UAE, a longstanding Opec member, could create disarray and weaken the group, which has usually sought to show a united front despite internal disagreem
US president has accused organisation of ‘ripping off the rest of the world’ by inflating oil prices
The United Arab Emirates has quit the Opec oil cartel after 60 years of membership, in a heavy blow to the group and its de facto leader, Saudi Arabia, as global energy markets contend with the biggest supply crisis in history.
The shock loss of the UAE, Opec’s third-largest oil producer, is expected to weaken the group, which for decades has worked together to use its collective oil production to influence global oil market prices.
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