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Removing a portion of global supply from OPEC oversight could contribute to more volatile oil prices over the long term.
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Removing a portion of global supply from OPEC oversight could contribute to more volatile oil prices over the long term.
Open source reportGeography
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United Arab Emirates dossier
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United Arab Emirates
The UAE accepted a Taliban ambassador; China had previously done so. The diplomatic acceptance is legitimizing the Taliban government.
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Chronology
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.
Removing a portion of global supply from OPEC oversight could contribute to more volatile oil prices over the long term.
Open source reportThe 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 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.
Open source reportArmenia's Prime Minister Pashinyan and Azerbaijan's Pres. Aliyev are meeting in the UAE today to finalize a peace deal ending almost 40 years of border wars.
Armenian Prime Minister Nikol Pashinyan and Azerbaijani President Ilham Aliyev are meeting in the UAE to finalize an agreement intended to end nearly four decades of conflict.
Open source reportThe UAE officially accepted a Taliban ambassador today. That makes the UAE the second country - after China - to legitimize the Taliban government by accepting its ambassador.
The UAE accepted a Taliban ambassador; China had previously done so. The diplomatic acceptance is legitimizing the Taliban government.
Open source report