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#cuttheclutter
UAE has announced it will leave OPEC on 1 May. The move from UAE has come amid the war in Iran, and the country’s growing rift with Saudi Arabia, which is considered to be the de-facto leader of OPEC bloc.
#CutTheClutter episode 1832 explains reasons behind UAE’s departure from OPEC, its rivalry with Saudi Arabia, and what it may mean for oil prices. ThePrint Editor-in-Chief Shekhar Gupta also explains what is OPEC, how it has moved from 6 to 16 and now 12 members & why UAE will be able to increase its oil production now.
