"The United Arab Emirates has announced its withdrawal from OPEC and the wider OPEC+ framework, removing a core pillar of one of the most influential groups in the energy world."
"OPEC currently has 12 members, including, aside from the UAE: Algeria, Republic of the Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, and Venezuela."
"The organisation pursues price stability by setting agreed production quotas for the membership, which together controls about 30 percent of global supply."
The United Arab Emirates has announced its withdrawal from OPEC and the OPEC+ framework, effective May 1. This decision removes a significant member from the organization, which has been influential in global oil pricing since its founding in 1960. OPEC was established to unify petroleum policies among member states and ensure fair prices for producers. The UAE's exit comes amid an energy shock related to the US-Israel conflict with Iran, highlighting the shifting dynamics in the global energy market.
Read at www.aljazeera.com
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