Russian expert: The risk of other Persian Gulf countries exiting OPEC after the UAE is very high
Previously, the UAE had announced its withdrawal from OPEC and OPEC+ effective May 1 this year.
Vyacheslav Kulagin, Director of the Center for Energy Analysis at the Higher School of Economics in Russia, said during a roundtable discussion hosted by the media center of Russia Today International News Agency: "What does this mean for OPEC? This is a significant loss, as the UAE is one of OPEC's largest oil-producing countries. If we consider a scenario where oil production is subject to quotas and strict limitations, I believe other countries will also exit OPEC."
He added that the UAE has become the fourth country to leave OPEC since 2019, following Qatar, Ecuador, and Angola.
Alexey Gromov, Chief Researcher for Energy Issues at the Institute of Energy and Finance in Russia, believes the UAE’s exit was aimed at opening the market to large-scale American capital influx.
He pointed out: "If the UAE's experience proves successful, the next countries to exit OPEC and the 'OPEC+' group could be other Persian Gulf nations such as Kuwait and Iraq. The risk of the OPEC and 'OPEC+' alliance gradually shrinking in membership is very high."
On February 28, the United States and Israel launched multiple strikes against targets inside Iran, including attacks on Tehran, causing damage and civilian casualties. In response, Iran carried out retaliatory missile strikes on Israeli territory and U.S. military targets in the Middle East.
Source: sputniknews
Original article: toutiao.com/article/1864266382111748/
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