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UAE exit from OPEC signals closer alignment with US interests, experts say

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As the United Arab Emirates’s exit from OPEC officially takes effect, experts say the United States government will welcome the move for its potential to curb the oil-producing cartel’s pricing power.

While the UAE’s withdrawal, which went into effect on Friday, has been long rumoured, the timing was unexpected.

“The exit was a surprise in timing (at least to me), but in some ways has been brewing for some time,” wrote Rachel Ziemba, adjunct senior fellow at the Center for a New American Security – a US think tank.

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Source: Al Jazeera

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The US and its core allies see rising oil and gas prices as serious economic and political threats to them.

Why OPEC+ will do whatever it can to send oil prices higher

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The relentless drive of OPEC+ to keep driving oil prices higher, as predicted by OilPrice.com some time ago, was seen again in last week’s extension of major additional cuts made to the initial reductions in output first put into place last October. On 3 August, the de facto leader of the OPEC part of the group, Saudi Arabia, announced it will continue the additional 1 million barrel per day (bpd) cut in production that it announced in June through into September at least. Russia, looking to quietly sell its oil at a discount to the OPEC+ rate through backdoor channels, as also analysed by OilPrice.com, said it will taper its 500,000 bpd additional export cut for August to 300,000 bpd in September. These extended cuts come on top of the 3.66 million bpd in collective cuts from the OPEC+ oil cartel implemented since October 2022. The key questions now are: will OPEC+ keep oil prices rising through further production cuts and, if so, what can the West do about it?

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Source: Oil Price

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