Global energy market reacts as UAE set to leave OPEC this week
LiveNOW’s Alexandra Goldberg is speaking with McGill University lecturer Julian Karaguesian after the United Arab Emirates announced it was leaving OPEC this week. OPEC, or the Organization of the Petroleum Exporting Countries, was formed in 1960 as a reaction to Western domination of the oil industry. The United Arab Emirates said on Tuesday that it will leave OPEC effective May 1. They have previously pushed back against OPEC quotas in recent years.
This announcement comes as oil supplies around the world continue to be constrained by the war in Iran. The closure of the Strait of Hormuz by Iran has had a significant impact on energy prices, as the waterway reportedly carries one-fifth of the world’s oil supply.
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