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International Business Times UK

World

Nick Suter

OPEC Suffers Stunning Blow as UAE Abandons Oil Cartel Following Strategic Pivot Toward Independent Production

OPEC Oil UAE Donald Trump Iran Saudi Arabia United States United Arab Emirates

Residential area in Dubai

Residential area in Dubai PHOTO : NATALIE NACCACHE/BLOOMBURG

In a massive move, the United Arab Emirates (UAE) pulled out of the Organisation of the Petroleum Exporting Countries (OPEC) a move that has some economists calling this 'the beginning of the end of OPEC.'

This all takes place in the background of the Iran War which has caused turmoil and uncertainty for the Oil Industry.

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