Will The UAE Withdraw From OPEC? | WHAT REALLY HAPPENED X-Frame-Options: DENY X-Frame-Options: SAMEORIGIN

Will The UAE Withdraw From OPEC?

OPEC has suffered immensely under the pandemic and subsequent oil demand loss, and its job could now become significantly more challenging as members mull the pros of staying with the group against the con of performing the dutiful and painful task of curbing production. And the UAE is said to be doing just that. Meanwhile, oil prices have really failed to rebound to the level that most OPEC members need them to, intensifying the predicament that most OPEC members find themselves in.

Most of OPEC’s members have budgets that rely heavily on oil income - oil income that has been reduced by the falling oil prices, and then again by their required production cuts in an effort to rebalance the oversupplied market and hold prices at acceptable levels And although OPEC would mostly deny that the latter is their goal, there is little distinction there.

On Friday, rumors surfaced that the UAE was contemplating the pros and cons of their OPEC membership.