The UAE Swaps OPEC for the Free World
The United Arab Emirates announced this week that it would leave OPEC and OPEC+, effective May 1. It’s the hardest blow the cartel has ever absorbed. The UAE has been part of the cartel since 1967 and is OPEC’s third-biggest producer, one of only two members with meaningful spare capacity, and its departure removes 13 percent of the organization’s production capacity. No top-tier producer has ever walked out before.
Many Americans might have missed the significance of the UAE exit because it hardly registered in financial markets. Brent crude barely flinched , which is understandable because the Strait of…
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