OPEC’s historical grip on the global oil market is weakening as some members prioritize immediate sales over production limits. With the UAE already out and Venezuela mulling its options, Saudi Arabia’s ability to sway energy markets is becoming precarious.
The UAE exited amid the US-Israel war with Iran to leverage its expanded production capacity, while founding member Venezuela’s potential departure underlines the sweeping realignment in Caracas since the US attacked and deposed President Nicolás Maduro. With oil nations threatening to ignore quotas, OPEC power Saudi Arabia is increasingly left to shoulder price-support cuts, shifting energy-market influence toward Washington.
Saudis Tell OPEC That Output Slumped Again to Lowest Since 1990: https://bloom.bg/4hiVfzr
Watch more mini documentaries from Bloomberg: https://www.youtube.com/playlist?list=PLGaYlBJIOoa_EzzMpticURNR29AiQi10v
Like this video? Subscribe and turn on notifications so you don’t miss any videos from Bloomberg Markets & Finance: https://tinyurl.com/ysu5b8a9
Visit http://www.bloomberg.com for business news & analysis, up-to-the-minute market data, features, profiles and more.
#OPEC #Oil #Energy
