UAE move will insert more volatility but OPEC ‘will survive’, analyst says
The United Arab Emirates says it's leaving the Organization of the Petroleum Exporting Countries (OPEC).It's the group's third-largest producer. It will also pull out of the broader OPEC+ alliance.
That's as the Iran conflict upends global energy markets.
An energy analyst says the UAE’s “startling” move to leave OPEC reflects a belief it will freely increase production to about five million barrels of oil per day from the current 3.5 million bpd once the Hormuz Strait crisis is over.
“But until this is over, like everyone else, it has it’s production on the wrong side of the Strait of Hormuz,” said Cornelia Meyer, chief executive officer of Meyer Resources.
“Once we’re through this conflict it will do one thing, it will insert more volatility because OPEC has really done a fine job in terms of smoothing the waters and adding production when it was needed, and taking it off when there was too much production, like for instance during COVID,” said Meyer.
“In terms of the stability of oil markets, it’s not necessarily the best move, but OPEC will survive. OPEC has survived much more.”
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