Why did the UAE quit OPEC and OPEC+?
Hey there, so this news about the UAE and OPEC might seem far removed from your CLAT prep, but trust me, it's got some important international relations angles. So basically, the UAE officially left OPEC and OPEC+, which are groups of oil-producing countries that work together to manage oil supply and prices. What this really means is, it challenges global economic stability and highlights a nation's sovereign right to pursue
On May 1, the United Arab Emirates (UAE) officially exited the Organization of the Petroleum Exporting Countries (OPEC) and OPEC+. While OPEC is a permanent intergovernmental organisation founded in 1960 to coordinate the petroleum policies of its member countries and stabilise global oil markets, OPEC+ is a broader alliance formed in 2016 that includes the core OPEC members along with 10 additional major oil-producing nations, most notably Russia. The UAE’s decision dealt a heavy blow to the oil exporting groups and their de facto leader, Saudi Arabia, at a time when the Iran war has caused a historic energy shock and unsettled the global economy.