UAE Exits OPEC After 60 Years, Shaking Oil Cartel
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- UAE ends nearly 60 years of OPEC membership, announcing its exit in a statement that caught the cartel off guard.
- Japan Times says the UAE’s exit blindsides OPEC and could weaken its grip on global oil markets.
- AP News notes that Asian stocks mostly gained and oil prices rose after the UAE announced its departure.
Why it matters: OPEC’s remaining members lose a key producer after the UAE ends nearly 60 years of membership, weakening the cartel’s output discipline and prompting higher price volatility for global consumers.
