UAE to quit OPEC in blow to world’s leading oil exporters, as Iran war roils energy sector
• UAE quits oil cartel: The United Arab Emirates will withdraw from the Organization of the Petroleum Exporting Countries (OPEC) this week, as the Iran war roils global energy markets. The price of oil climbed above $110 a barrel for the first time in three weeks today.
I wouldn't count on this lowering the price of oil anytime soon. Down the line some though, Demand Destruction could do that. It will however make the whole energy market more volatile and less predictable.
RE