The United Arab Emirates has announced its decision to quit the 13 member Organisation of the Petroleum Exporting Countries OPEC and and the 2016 established OPEC+ with effect from May 1 2026.
According to reports breaking, this deals a big blow to the oil cartels OPEC and OPEC+ which together controls over 80% of global petroleum trading.
The UAE is by its decision aligning with President Donald Trump of United States, accusing the cartels of ripping-off the rest of the world by increasing crude oil prices.
The move will allow the country to manage its daily production limit which under OPEC was 3.2,million barrels per day bpd to focus on about 5 million bpd by 2027 as its achievable independent production going forward.
