|
The Gulf government has long complained about the group's quotas, which officials believe unfairly limited its exports. Its departure is expected to weaken OPEC's influence.
|
|
Just as oil prices are looking stable (albeit higher) due to a ceasefire, the market took another blow as the United Arab Emirates exited the OPEC.
|
RELATED ARTICLES | | |
|
Oil prices rose as investors parsed fresh signals from U.S.-Iran negotiations, with uncertainty over a potential de-escalation keeping markets on edge.
|
RELATED ARTICLES | | |
|
Investors parsed reports that President Trump told advisers that he was not satisfied with Iran's latest proposal to reopen the Strait of Hormuz.
|
|
The UAE wants to ramp up production without constraints from OPEC, which could prove bearish for prices at some point.
|
|
The Arab oil producer has long expressed frustration with the quotas it has to follow as part of OPEC, the cartel of major state-owned oil producers.
|
|
;Resize=(620)) Ukraine has hit around a dozen Russia refineries in recent weeks, stepping up attacks at the same time that oil prices rose because of the global energy crunch.
|
|
The UAE said it decided leaving OPEC was in its national interest after reviewing its production policy and capacity.
|
|
