Intergovernmental cartel
Appears in 1 story
Loses 13% of capacity; price-setting leverage diminished
The United Arab Emirates joined OPEC in 1967, when crude sold for under $2 a barrel and the cartel was seven years old. On May 1, 2026, after fifty-nine years, it walks out—taking roughly 13% of OPEC's production capacity, according to the International Energy Agency.
Updated 3 hours ago
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