The UAE is leaving the OPEC oil cartel. What could that mean for oil prices?
- Written by Jamie Cross, Assistant Professor of Econometrics & Statistics, Melbourne Business School
The United Arab Emirates (UAE) has announced that on May 1, it will leave both the Organization of the Petroleum Exporting Countries (OPEC) and the larger OPEC+ group. By withdrawing, the UAE will now be able to independently decide how much oil it produces and sells.
This matters – and not just because the UAE is one of the world’s top...
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