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The UAE announced its departure from OPEC after years of objections that production quotas constrained its ability to respond to oil demand. The UAE produces about 12% of global oil.
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The UAE announced its departure from OPEC after years of objections that production quotas constrained its ability to respond to oil demand. The UAE produces about 12% of global oil.
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Organization of Petroleum Exporting Countries dossier
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United Arab Emirates
The UAE announced its departure from OPEC after years of objections that production quotas constrained its ability to respond to oil demand. The UAE produces about 12% of global oil.
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Chronology
Off Leash update 29 April UAE •The United Arab Emirates (UAE), which produces about 12% of global oil, announced that it will leave the Organization of Petroleum Exporting Countries (OPEC), effective Friday. •The UAE has long complained that OPEC's quotas constrain its oil exports and has been threatening to quit the cartel for years so it can have more flexibility to meet market demand. [In the long run, that is. For now, Iran's blockade of the Strait of Hormuz is a far tighter curb on Emirati oil exports than OPEC production controls.] •The UAE's departure from OPEC could also lead to more volatile oil prices in the long run, since less of the world's oil supply will be subject to OPEC oversight. IRAQ •After months of deadlock, Iraq's Pres. Nizar Amedi named businessman Ali al Zaidi as his prime minister (PM) designate and tasked al Zaidi with forming a government. •Al Zaidi's appointment was perhaps partly intended to appease Pres. Trump, who vigorously opposed Amedi's first choice for PM - two-time PM Nouri al Maliki - over the latter's close ties to Iran and threatened to end U.S. support for Iraq if al Maliki was re-appointed. •Al Zaidi has his own links with Iran: he owns Al-Janoob Islamic Bank, which is under U.S. sanctions over 2024 allegations of laundering money to Iran and its proxies. •But that doesn't seem to bother Trump as much as the prospect of a continued power struggle or another al Maliki government in Iraq. Washington has signalled that it won't oppose al Zaidi's designation, despite sanctions against his bank. MALI •Gold miners operating in Mali seem unfazed by the coordinated attacks Jama'at Nusrat al-Islam wal-Muslimin (JNIM) and the Azawad Liberation Front (FLA) staged over the weekend. •For one thing, miners bold enough to be operating in Mali right now are used to being targeted directly - as when JNIM attacked Flagship Gold's Morila Mine in January - but were largely spared by this assault, which targeted junta leaders. Record-high gold prices are giving them added incentive to stay put. •The BBC suggested that the failure of Russian Africa Corps fighters to defend Kidal from the FLA has tarnished Russia's reputation as a reliable security partner in the Sahel. •The broader assault also raised questions about Col. Assimi Goita's military leadership, which has failed to solve the security problems that prompted its coup to overthrow Mali's last civilian government in 2020. •Assuming it survives, Mali's junta will likely continue to accept Russian help, but may now seek to deepen other security partnerships, including with Turkey, its fellow Alliance of Sahel States (Burkina Faso and Niger), and even the U.S., which sent its most senior Africa-focused diplomat to Bamako earlier this year. •The juntas in Burkina Faso and Niger - which also rely on Russian security support - will be watching Mali closely. So will Africa Corps' other partners on the continent, which include Libya and the Central African Republic. •[Russia's defense ministry unconvincingly claimed that Africa Corps troops valiantly defended Kidal, despite being vastly outnumbered and outgunned, and also prevented a coup against Goita's government. The Kremlin also alleged, without evidence, that the JNIM and FLA fighters that Africa Corps defeated had been trained by European instructors, including Ukrainians.]
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