The end is nigh for Opec
From our UK edition
The United Arab Emirates (UAE) choosing to quit the Opec oil cartel after nearly 60 years of membership is, to use President Trump’s parlance, ‘bigly’ big. The UAE’s departure removes around 15 per cent of the cartel’s production capacity, with some analysts already describing the move as ‘the beginning of the end of Opec’. Established in 1960 by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela, Opec’s ostensive mission has been to defend the interests of major oil exporters. Its core membership expanded in the years that followed and now includes Algeria, Nigeria and the Congo amongst others, as well as ten non-Opec members in the broader Opec+.