UAE could quit OPEC and drive oil prices further down

Maxim KonstantinovThe United Arab Emirates could sink the global oil market even further if it leaves OPEC. On this subject informed Prime.Thus, after the publication of the Wall Street Journal that the UAE will leave OPEC, world oil prices collapsed by almost 2%. After that, Bloomberg denied the withdrawal of the United Arab Emirates from the organization, which helped to correct the collapse in the ratings.However, this suggests that the UAE has every chance of dramatically increasing oil production and collapsing the global oil market. Experts note that the main factor influencing the situation will not be Abu Dhabi’s exit from OPEC, but the state’s refusal to comply with the terms of the organization’s agreement.