UAE Leaves OPEC

By

 Alrighty Then:

The United ‌Arab Emirates has announced its decision to quit OPEC and OPEC+ to focus on “national interests”, dealing ⁠a heavy ⁠blow to the oil-exporting groups at a time when the US-Israel war on Iran has caused ⁠a historic energy shock and rattled the global economy.

The move, which will take effect on Friday, reflects “the UAE’s long-term strategic and economic vision and evolving energy profile”, a statement carried by state media said on Tuesday.

“During our time in the organisation, we made significant contributions and even greater sacrifices for the benefit of all,” it added. “However, the time has come to focus our efforts on what our national interest dictates.”

The loss of the UAE, a longstanding OPEC member, could create disarray and weaken the oil cartel, which has usually sought to show a united ⁠front despite internal disagreements over a range of issues from geopolitics to production quotas.

UAE Energy Minister Suhail Mohamed al-Mazrouei said the decision was taken after a careful look at the regional power’s energy strategies. Asked whether the UAE consulted with OPEC heavyweight Saudi Arabia, he said the UAE did not raise the issue with ‌any other country.

“This is a policy decision. It has been done after a careful look at current and future policies related to level of production,” the minister told the Reuters news agency.

OPEC’s Gulf producers have already been struggling to ship exports through the Strait of Hormuz, a ‌narrow chokepoint between Iran and Oman through which a fifth of the world’s crude oil and liquefied natural gas supplies normally pass, because of threats and attacks against vessels during the war.

Comments

Post a Comment

Popular posts from this blog

Five Actresses Who Should Be Considered For A Wonder Woman Movie

By
Image
For being DC Comic's most recognizable female character, WW has been given the cinematic shaft for a long time. We've seen two incarnations of Lois Lane and countless Bat-groupies, but not one decent pitch for the Amazon in the big screen. And we're talking about a character who made armored underwear cool waaay before anyone heard of Princess Leia. So here's one humble man's suggestion for any future casting of the Wonder Woman movie. I really have three rules for casting: she has to be at least 5'10", under 45 and attractive enough to pass for a princess. Sandrine Holt - Age: 36, Height: 5'10", Relevant Movie/TV Roles: Resident Evil: Apocalypse & Mutant X Pros : She's played both a (doomed) reporter and a person with superpowers, so if she can play both, she's a shoe-in. Plus she's probably the least-known actress on this list, so they can two movies out of her cheap. Cons : While D.C. isn't as star-crazy as Marvel when it co...
Read more

5 Actresses Who Deserve a Bigger Break

By
Image
Being the avid movie watcher that I am, I've noticed that more than one talented actress has been passed over for other talent. And by "talent," I mean, "sex tapes that 'accidentally' made it to the Internet." Well, here's one man's humble attempt to rectify the situation. The following ladies are not only talented, but beautiful. Hollywood: get off your ass and give these women more roles. DANIELLE FISHEL Noticeable TV/Movie Appearances: Boy Meets World; both National Lampoon's Dorm Dazes The delightful Ms. Fishel has the distinction of having the weirdest named ever associated with a smart-yet-hot character (or maybe I'm the only one who has a problem saying "Topanga!" whilst in the throes of passion) as well as participating in the death of the National Lampoon Series (I personally thought it died with Chevy Chase's career; who knew?). If you were to use her IMBD page as a reference, the only real fault people seem to hav...
Read more