Context:
The United Arab Emirates (UAE) has announced its exit from OPEC (effective May 2024), citing strategic and economic priorities, including dissatisfaction with production quotas and a shift in its energy policy
- OPEC (1960, Baghdad) is an intergovernmental organization of major oil-exporting countries to regulate supply and influence global oil prices.
- Members: Algeria, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia and Venezuela.
- OPEC+ is OPEC + non-OPEC producers (Azerbaijan, Bahrain, Brazil, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Russia, South Sudan, Sudan).
- OPEC+ formed in 2016 to stabilize prices.
- Works via production quotas to control supply-demand balance.
- UAE exit due to quota disagreements, desire to increase production, diversification into renewables, geopolitical tensions (esp. with Saudi Arabia).
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