Transcript

Do you eat just left OPEC after six decades and nobody saw this coming why now who will get hurt and what's the biggest picture Since 1967, the UAE has been a member of OPEC starting may one that will change and when asked whether Abu Dhabi informed beforehand Saudi Arabia, the answer was no that detail tells us everything why now the Iran war changed the calculation the closure of. Strait of Hormuz hurt Emirati exports for weeks, and at the same time, Washington was quietly negotiating a dollar currency swap line with Abu Dhabi. The exchange is straightforward. Exit the cartel, enter the American umbrella. Who gets hurt directly here? Three parties. Saudi Arabia, which wasn't consulted and just lost its most important Gulf ally within the organization. Second, Russia, which relied on OPEC Plus to maintain. Oil high prices enough to fund its war in Ukraine and opaque itself which just lost one of the only two members with real spare production capacity. But the real impact comes when or if hormones reopens. UAE will be free from quotas and will pump aggressively and compete for Asian market share and resist also any future Saudi or Russian call for coordinated cuts. The biggest picture here. Which is For a decade, Riyadh and Moscow controlled global oil prices not because they produced the most, but because they were the only two who could raise or cut output by political decision at any moment. Today, that access is cracking. And if Kazakhstan follows as some analysts expect, we're watching the beginning of an end of OPEC Plus, as we knew it, the UAE didn't just leave an organization. It left a system. And that's a huge difference.