UAE Quits OPEC
Oil industry experts have expressed differing opinions on the United Arab Emirates (UAE) ‘s plan to exit the Organisation of Petroleum Exporting Countries (OPEC), saying it would have little or no impact on the global market structure. Speaking with the newsmen, Emmanuel Iheanacho, Executive Chairman of Integrated oil and Gas Limited and Genesis Shipping, said that though this is not the first time the country had issued such threats, if it happens, then it may distort supply volume from the OPEC structure, which could lead to market competition that could drive down crude oil prices. Emmanuel Ih eanacho, the former interior minister, expressed suspicion that the current threat could be driven by pressure from Western nations, which have made considerable efforts to penetrate OPEC and possibly dismantle its political structure. According to him, OPEC has remained a major factor in keeping oil prices up through its supply disruptions and has used oil as a weapon against the West. H...