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Hello, my name is Katie Foley from London.
The UAE’s shocking withdrawal from OPEC is sending ripples throughout the market. But there are many other forces at play for investors today, including huge profits, multiple interest rate decisions, and major changes at the Fed.
What you need to know today
And finally…
The UAE’s departure from the OPEC oil cartel is not without precedent. Who will be next?
The United Arab Emirates’ shocking decision to leave OPEC has reverberated through global energy markets, exposing rifts in the powerful oil cartel as production quota risks prompt other member states to follow suit.
Andy Lipow, president of Lipow Oil Associates, said: “The exit from the UAE is a new chapter in the transformation of our group’s membership.” “If countries that adhere to their quotas grow tired of those that don’t, we could see more withdrawals and ultimately OPEC becoming irrelevant as a cartel,” he told CNBC in an email.
Countries such as Qatar, Ecuador and Angola have left the group in the past few years, citing dissatisfaction with quotas or changing national priorities. Angola will leave in 2024, and Qatar ended its membership in 2019.
— Li Yingshan
