Will the UAE’s exit from OPEC spark an oil price war? | The World | ABC News
The announcement by the United Arab Emirates that it’s quitting oil producer group OPEC came as a surprise in the midst of the war in Iran and the subsequent blockade of the Strait of Hormuz. As one of the largest oil producers in the group, the UAE’s exit in the next few days is already being seen as major blow for OPEC. So what does this mean of global oil production and prices? Dr Adi Imsirovic, lecturer in energy systems at the University of Oxford, spoke to The World’s Girish Sawlani about the fallout and consequences from the UAE’s exit.
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