Russia Says UAE’s OPEC Exit Won’t Trigger Imminent Price War - Bloomberg

Russia Says UAE’s OPEC Exit Won’t Trigger Imminent Price War  Bloomberg

Could the UAE’s shock exit from Opec cause an oil price war?

A standoff between Gulf oil giants Saudi Arabia and the UAE could cause greater market volatility for years to come The conflict in the Middle East has claimed Opec as the latest casualty of war. The United Arab Emirates’ shock exit from the oil cartel on Tuesday after 60 years is expected to weaken the alliance, which under the leadership of Saudi Arabia has helped to soothe volatility in the global oil market for decades. Global oil prices reached the highest level in four years on Thursday...

By Jillian Ambrose

UAE’s exit deals a death blow to OPEC

Saudi Arabia, at odds with the United Arab Emirates, remains the undisputed leader of a much‑weakened oil cartel with little sway over the market

By Ignacio Fariza

Is UAE departure the death blow for Opec?

Loss of third-biggest oil producer and one of longest-serving members could be existential threat to alliance, as other countries ‘chafe’ under production quotas

By Harriet Marsden, The Week UK

Russia Says UAE's 'OPECxit' Won't Spark Immediate Price War

Russia Says UAE's 'OPECxit' Won't Spark Immediate Price War Russian Deputy Prime Minister Alexander Novak, quoted by the Russian news agency Interfax, downplayed fears that the UAE's planned OPEC exit will trigger an immediate oil price war and race to the bottom.  "In the current situation, what kind of price war can there be when there is a shortage in the market?" Novak said, adding with the Strait of Hormuz remaining all but closed, "a huge amount of oil isn't reaching the ...

By Tyler Durden