Possible UAE departure from OPEC causes instability in oil prices.
Brent crude, the international oil benchmark, dropped by up to 2.8% on Friday morning in New York after reports that the United Arab Emirates (UAE) is considering leaving the Organisation of the Petroleum Exporting Countries (OPEC), a powerful oil producer alliance consisting of 13 members. However, Brent later regained its losses and turned positive, trading at $85.23 per barrel, up 0.57% on the previous day.
According to a report in the Wall Street Journal, the UAE is debating withdrawing from OPEC amid a growing rift between the country and its longtime ally, Saudi Arabia. The UAE wishes to pursue its own oil production plans that align with its interests and has for some time wanted to increase its crude output to boost its revenue. However, it has been limited by the production agreements of OPEC+, which are dominated by Saudi Arabia. If the UAE were to leave OPEC, it would significantly impact the oil producer group’s global clout.
The idea of the UAE leaving OPEC is not new; the country has reportedly debated leaving the oil alliance for years. However, the topic has been revived recently due to disagreements with Riyadh, which have manifested themselves in the two countries’ divergent aims in the ongoing Yemeni war, competing for foreign investment, and state visits.
In July 2021, a dispute over oil production levels temporarily froze OPEC’s ability to outline its plans for the markets, sending crude prices upward. Abu Dhabi had demanded that its own “baseline” for crude production, which is the maximum volume recognized by OPEC as being able to produce, be raised. This figure determines the size of production cuts and quotas that the UAE must follow as per the group’s output agreements. Members cut the same percentage from their baseline, so having a higher baseline would allow the UAE a greater production quota.
Initially, the UAE called for its baseline to be raised from 3.2 million barrels a day to 3.8 million barrels a day. The compromise eventually reached between Saudi Arabia and its smaller neighbor raised the UAE’s baseline to 3.65 million barrels per day from April 2022. While the Saudi and Emirati energy ministers praised each other and the work of the group of oil producers, the rift appeared to be a sign of things to come as economic and geopolitical competition between the two increase.
If the UAE leaves OPEC, it would be the third country to do so in four years, following Qatar in 2019 and Ecuador in 2020. This potential departure would rattle the group, especially considering that the UAE is one of OPEC’s largest oil producers and a key player in the global oil market.
In conclusion, the potential withdrawal of the UAE from OPEC would significantly impact the oil producer group’s global clout and allow the country to pursue its own oil production plans that suit its interests. It is not a new idea, but it has been revived recently due to disagreements with Saudi Arabia. The rift between the two countries appears to be a sign of things to come as economic and geopolitical competition increases.
casino slots
Here, you can access a great variety of online slots from leading developers.
April 21, 2025Users can try out traditional machines as well as feature-packed games with stunning graphics and exciting features.
Whether you’re a beginner or a casino enthusiast, there’s a game that fits your style.
money casino
The games are ready to play anytime and compatible with PCs and tablets alike.
All games run in your browser, so you can start playing instantly.
Site navigation is intuitive, making it convenient to explore new games.
Join the fun, and enjoy the excitement of spinning reels!
MichaelTuh
На этом сайте вы сможете найти свежие новости Краснодара.
April 21, 2025Здесь собраны главные новости города, репортажи и оперативная информация.
Будьте в курсе городских новостей и получайте только проверенные данные.
Если вам интересно, что нового в Краснодаре, заглядывайте сюда регулярно!
https://rftimes.ru/
best clock radio review
Our platform offers multifunctional timepieces made by reputable makers.
April 25, 2025Browse through modern disc players with AM/FM radio and two alarm settings.
Most units include auxiliary inputs, USB charging, and battery backup.
This collection ranges from economical models to luxury editions.
best alarm clocks with radio
Every model offer nap modes, rest timers, and illuminated panels.
Shop the collection via direct eBay with free delivery.
Discover your ultimate wake-up solution for home everyday enjoyment.
casino slots
This website, you can discover a great variety of online slots from leading developers.
April 25, 2025Visitors can try out retro-style games as well as new-generation slots with stunning graphics and exciting features.
If you’re just starting out or a casino enthusiast, there’s a game that fits your style.
money casino
The games are available anytime and optimized for PCs and mobile devices alike.
No download is required, so you can start playing instantly.
Site navigation is intuitive, making it quick to find your favorite slot.
Join the fun, and dive into the thrill of casino games!
мед страховка для поездки за границу
Наличие страховки при выезде за границу — это обязательное условие для защиты здоровья отдыхающего.
April 26, 2025Полис включает расходы на лечение в случае несчастного случая за границей.
Кроме того, полис может включать возмещение затрат на репатриацию.
полис осаго
Ряд стран требуют наличие страховки для въезда.
Без страховки обращение к врачу могут стать дорогими.
Приобретение документа перед выездом
assassin for hire
This website lets you find workers for one-time dangerous projects.
April 26, 2025You can securely schedule help for specific situations.
All workers have expertise in dealing with critical tasks.
hitman-assassin-killer.com
This service guarantees private interactions between employers and contractors.
When you need immediate help, our service is the right choice.
List your task and get matched with an expert in minutes!
如何在网上下令谋杀
在此页面，您可以聘请专门从事单次的危险工作的人员。
April 28, 2025我们汇集大量经验丰富的工作人员供您选择。
无论需要何种复杂情况，您都可以快速找到理想的帮手。
为了钱而下令谋杀
所有合作人员均经过筛选，维护您的隐私。
任务平台注重专业性，让您的特殊需求更加高效。
如果您需要服务详情，请立即联系！
Josephjap
At this page, you can find top CS:GO betting sites.
April 29, 2025We have collected a variety of betting platforms specialized in CS:GO players.
All the platforms is carefully selected to guarantee trustworthiness.
csgo bet skins
Whether you’re new to betting, you’ll conveniently select a platform that meets your expectations.
Our goal is to make it easy for you to enjoy reliable CS:GO wagering platforms.
Dive into our list right away and elevate your CS:GO gambling experience!
play casino
Here, you can discover a wide selection of casino slots from top providers.
April 30, 2025Users can enjoy retro-style games as well as modern video slots with high-quality visuals and exciting features.
Even if you’re new or an experienced player, there’s always a slot to match your mood.
play aviator
The games are available anytime and optimized for laptops and tablets alike.
You don’t need to install anything, so you can get started without hassle.
Platform layout is user-friendly, making it quick to explore new games.
Register now, and enjoy the world of online slots!
1win партнерская программа
На этом сайте вы увидите подробную информацию о партнёрском предложении: 1win партнерская программа.
May 1, 2025У нас представлены все детали взаимодействия, правила присоединения и возможные бонусы.
Каждый раздел подробно освещён, что позволяет легко освоить в тонкостях функционирования.
Плюс ко всему, имеются FAQ по теме и практические указания для начинающих.
Контент дополняется, поэтому вы доверять в актуальности предоставленных сведений.
Портал будет полезен в изучении партнёрской программы 1Win.