The possibility of the United Arab Emirates leaving OPEC
The Wall Street Journal, citing unnamed Emirati officials, reported that amidst a growing rift between Saudi Arabia and the United Arab Emirates, the UAE is now discussing the possibility of leaving OPEC. However, the UAE Ministry of Energy has not yet expressed its opinion.
This would have a significant impact on the global influence of this oil cartel and would also allow the United Arab Emirates to pursue oil production plans according to its own interests.
Abu Dhabi has long wanted to increase its oil production for greater revenue, but according to the OPEC Plus production agreement led by Saudi Arabia, the largest oil producer in this group, it has been prevented from doing so.