Traded ValueThe United Arab Emirates has issued a statement: it will withdraw from OPEC and OPEC+ from May 1st.
(Production cuts are weakening... The OPEC framework was well-conceived at the time to stabilize oil prices, regulate supply, and stabilize the global economy. However, over the years, countries like Nigeria and Angola have been unable to meet their set quotas, resulting in waste. Oil prices are somewhat like exchange rates; both too high and too low can severely damage the economy, with stability being the optimal solution... After the UAE's withdrawal, oil prices will face high volatility... Beware of the risks.)
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