"The UAE has publicly complained about OPEC quotas, which limit the oil production for all member countries. It is one of the few OPEC members that has invested in boosting production over the past few years, but has not been able to get it to market in the volumes it wanted."
"This is going to increase oil production once things normalise [in the strait] by about 2 million barrels per day, which will pull down some pricing pressure depending on how demand does compared to global prices."
The UAE's recent exit from OPEC allows it to exceed production quotas, potentially increasing oil supply and lowering prices. This move comes as global demand for oil rises, particularly with the Strait of Hormuz blocked due to geopolitical tensions. Experts suggest that the UAE's ability to produce an additional 2 million barrels per day could alleviate pricing pressures. The United States is expected to support this shift, as it may weaken OPEC's pricing power and foster more competition in the energy market.
Read at www.aljazeera.com
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