The United Arab Emirates has announced it’s leaving OPEC and OPEC+. That’s a move that could have major implications for global oil markets, and cause a shift in power among oil producing states in Middle East. David Levitz speaks to Justin Dargin, senior fellow at the Middle East Council on Global Affairs, a Qatar-based think tank.
The decision comes at a time of heightened instability, with the Iran war disrupting shipping through the Strait of Hormuz , and crude oil prices high on global markets. The UAE says its departure is based on long-term production strategy. But analysts say it also reflects deeper tensions within OPEC and growing geopolitical pressure in the Gulf.
#opec #uae #saudiarabia #usa #dwnews
00:00 UAE leaves OPEC. What just happened?
00:47 Justin Dargin, Middle East Council on Global Affairs
01:59 What is OPEC?
05:50 Is Saudi Arabia’s power at risk?
07:02 What if other OPEC members leave too?
09:01 Is OPEC’s weakening a win for the US?
11:34 Why did the UAE decided to leave OPEC now?
16:06 What happens next in the oil market?
18:31 Is this the beginning of OPEC’s end?
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