UAE exit rattles OPEC amid war strain
War-driven energy shock reshapes markets as UAE quits OPEC and Hormuz traffic stirs.
Welcome back to AL-MONITOR Business & Tech.
As the US-Israeli war on Iran ramps up pressure on energy markets, the UAE saw an opportune moment to leave OPEC this week, eroding the power of the cartel in the global oil markets. Meanwhile, the first LNG tanker crossed the Strait of Hormuz since the start of the war, and the Saudi sovereign wealth fund pulled out of a deal that would have provided the cash-strapped Met with a much-needed $200 million.
Sign up for weekly updates here.
Thanks for reading,
