The recent exit of the United Arab Emirates from the Organization of Petroleum Exporting Countries (OPEC) and its expanded alliance, OPEC+, was greeted locally with cautious optimism. Industry players see in it a potential easing of supply constraints and a possible softening of pump prices. On paper, the logic is simple: freed from production quotas, UAE can maximize its heavily funded oil infrastructure, flood the market with supply, and undercut competitors. In a time …
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The Market Monitor Minding the Nation's Business