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OPEC loses key member: Will the oil bloc survive?

RT International·RT·about 1 month ago
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The UAE says its decision is driven by “national interests” as Middle East tensions disrupt energy markets The United Arab Emirates, one of the world’s biggest oil exporters, has announced it will leave the Organization of the Petroleum Exporting Countries (OPEC) and the wider OPEC+ on May 1. The move is seen by analysts as a serious setback for the group and its informal leader, Saudi Arabia.  The decision comes amid a crisis in the Middle East triggered by the US-Israeli war against Iran, which has disrupted crude flows from the Persian Gulf. Shipments have been choked by the blockade of the Strait of Hormuz – a narrow waterway off the UAE’s coast that normally carries about a fifth of the world’s crude. Why did it happen?  Abu Dhabi says the move is driven by “national interests” and is part of a long-term strategy and a “sovereign, strategic choice” aimed at giving it more flexibility over oil output.…

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