From Venezuela to Iran to Cuba, President Trump has completely upended the world’s oil supply and production.

Not only is the USA surging in oil sales, but major shakeups across the Middle East are occurring on a near-daily basis.

The latest?

In a massive blow to OPEC, the United Arab Emirates have announced they are leaving OPEC after more than 50 years, effective in just a few days!

Take a look:

OPEC produces 40% of the world oil supply but the UAE is the third largest memeber of OPEC.

In other words, massive shakeup on the world stage:

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The AP added these details, calling it a “crushing blow” to the oil cartel:

The United Arab Emirates said Tuesday it will leave OPEC effective May 1, stripping the oil cartel of its third-largest producer and further weakening its leverage over global oil supplies and prices.

The UAE’s decision had been rumored as a possibility for some time, as it pushed back in recent years against OPEC production quotas it felt had been too low — meaning it wasn’t able to sell as much oil to the world as it had wanted.

“Having invested heavily in expanding energy production capacity in recent years, the bigger picture is that the UAE has been itching to pump more oil,” Capital Economics wrote in an analysis. “The ties binding OPEC members together

This is a Guest Post from our friends over at WLTReport. View the original article here.
 

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