Iām not an oil guy, butā¦
What???
BREAKING: The UAE will leave OPEC and OPEC on May 1, ending 59 years of membership. The UAE is OPEC's third-largest producer and directly cited the Strait of Hormuz crisis in its decision.
Free from OPEC quotas, the UAE can now flood the market with an additional 1 million barrels per day, undermining Iran's strategy of using high oil prices as leverage against the US.