The UAE exited Opec on 1 May, bringing down the curtain on its 59-year membership of the organization. It also left the broader Opec+ alliance, which will celebrate the tenth anniversary of its Declaration of Cooperation in December. Its departure is arguably the biggest blow to the group in its 66-year history and is far more significant than the loss of Qatar, Ecuador and Angola in recent years.
The UAE was Opec’s third largest producer, and its pre-conflict output of 3.4mn b/d easily outstripped the combined production from that trio. (CONTINUED - 1239 WORDS)
