In recent days, a possibility has been raised that has implications for the global oil market. According to unverified news, the United Arab Emirates wishes to withdraw from the Organization of the Petroleum Exporting Countries (OPEC).
The oil quota of the Emirates currently stands at 3 million barrels per day, while its production capacity is much higher - 4 million barrels per day.
In addition, the Emirates are investing billions of dollars to increase their oil output to 5 million barrels per day and they believe that they will maximize their profits if they are outside the organization.
This step will also not be good for relations between the Emirates and its neighbor Saudi Arabia, the leader of OPEC.