UAE Exits OPEC Amidst Output Quotas and Iranian Attacks
The United Arab Emirates is reportedly leaving OPEC, citing dissatisfaction with production quotas that cap its output below its significant capacity. The move is notable given the UAE's recent experiences with Iranian attacks.
The decision comes as the UAE, among the allianceโs top three producers, chafes at quotas capping output at 3.2โ3.4 million barrels per day despite capacity nearing five million; the timing is notable, with the country bearing the brunt of Iranian attacks, including over 2,800 drones and missiles