Three of the most dangerous words in the oil market are “OPEC is dead.” Its obituary has been written many, many times — always prematurely. Global finance provides another, equally storied phrase: “This time is different.” The departure of the United Arab Emirates from the oil cartel, announced on Tuesday and effective May 1, is quantitatively more serious than previous withdrawals and poses the biggest existential crisis the group has faced since its establishment more than half a century ago.
www.bloomberg.com
#UAE039s #OPEC #Exit #Existential #Oil #Cartel
The UAE's OPEC Exit Is Existential for the Oil Cartel
