Could the UAE’s exit from Opec lead to its split-up as an oil cartel? The odds seem against it
Saudi Arabia, Opec’s unstated chief, and other Gulf nations had weaponized oil sales. It soon turned into a cartel, complete with output quotas, as it began to tighten and loosen supply to get a grip on global crude prices. It made the Gulf states wealthy. The UAE’s wealth of over $2 trillion, held in assets by its sovereign funds, stands out as a visible sign of surplus transfers from importers. As with Saudi Arabia, alignment with the US was part of the package.
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