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UAE announces it will leave OPEC effective May 1 in major blow to organization. (apnews.com) 💥 BOOOOOOM 💥

posted 61 days ago by Plebbitimmigrant 61 days ago by Plebbitimmigrant +189 / -0

United Arab Emirates says it will leave OPEC, a blow to the oil cartel

The United Arab Emirates announced that it will leave OPEC effective May 1, stripping the oil cartel of one of its largest producers and further weakening its leverage over global oil supplies and prices.

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– Qualified 9 points 61 days ago +9 / -0

Borrowed from End Wokeness

“UAE leaving OPEC is a very big deal.

OPEC produces 40% of the oil supply in the world. As a cartel, they dictate production. Meaning, oil prices.

UAE is #3 largest in OPEC. And they have Fujairah pipeline which totally bypasses Hormuz.

By exiting OPEC, the UAE breaks the cartel that is keeping oil prices high, unlocking 1 million extra barrels per day.”

https://nitter.net/EndWokeness/status/2049132875316949029#m

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