5 minutes agoUnited Arab Emirates to be drawn by Oil Exporting Countries Organisation
Periskopi(2 months ago)
(2 months ago)The United Arab Emirates will be withdrawn from the Organisation of Exporting Oil Countries (OPEC) on 1 May, the state news agency WAM of the United Arab Emirates said. This decision is in line with the long-term strategic and economic vision of the United Arab Emirates and the development of its energy sector, including [...]
This decision is in line with the long-term strategic and economic vision of the United Arab Emirates and the development of its energy sector, including accelerating investments in domestic energy production”, the statement said.
The OPEC is a large group of oil producers, which co-ordinates production policies to influence global oil supply and prices.
The move marks a major blow to the world's largest oil exporter group and its leading member, Saudi Arabia.
The OPEC together represents 36% of the world's oil production, and together controls almost 80% of the world's proven total reserves.
The United Arab Emirates have long sought the highest production quotas of the OPEC, reflecting their efforts to expand capacity beyond the cartel's specific levels.
The OPEC was established in 1960 by Saudi Arabia, Iran, Iraq, Venezuela and Kuwait. The United Arab Emirates were joined seven years later. /Telegraphy/
