UAE leaves a weakened OPEC #geopolitics #oilprices #OPEC #UAE #Venezuela

UAE leaving OPEC is a major blow, highlighting how the group’s influence has already declined (from ~50% to ~25% of global oil supply), says Rajiv Biswas, CEO of Asia-Pacific Economics

OPEC’s future now depends on whether other members—especially Venezuela—also reconsider their membership.

Venezuela is increasing production (with US backing) and attracting global oil companies, which could pull it away from OPEC.

If more countries exit, OPEC’s role in global oil markets will continue to weaken significantly.

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