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OPEC is a cartel of Arab oil-producing countries, including UAE. They limit production in order to keep the world oil price artificially high. UAE is pulling ou
by joshuaheard 5mo ago
OPEC is a cartel of Arab oil-producing countries, including UAE. They limit production in order to keep the world oil price artificially high. UAE is pulling out of the cartel, presumably so it can bypass the restrictions and cash in on the high prices caused by the Iranian conflict. AFAIK this is the first time a country has pulled out of OPEC, and hopefully, it will lead to its demise.
- yubblegum 5mo ago> OPEC is a cartel of Arab oil-producing countries "In 1949, Venezuela initiated the move towards the establishment of what would become OPEC, by inviting Iran, Iraq, Kuwait and Saudi Arabia" ...
- seydor 5mo ago> its demise. OPEC or UAE?
- joshuaheard 5mo agoOPEC
- Tade0 5mo ago> OPEC is a cartel of Arab oil-producing countries, including UAE. Nigeria joined OPEC in 1971.