🚨 UAE's OPEC+ exit may prompt others to follow, expert says 🚨

The UAE’s exit from OPEC+ could prompt other members to follow suit in an effort to break from the cartel’s production restrictions, an expert has said.

“If there is a time to leave, now is the time,” Robin Mills, CEO of Qamar Energy, a Dubai-based consultancy, told CNN’s Becky Anderson. “You might see Kazakhstan leave as well. That’s another significant producer that wants to grow.”

The UAE has long pushed for higher OPEC and OPEC+ production quotas as it sought to expand capacity well beyond the levels assigned to it by the cartel.

Mills said the quotas have capped the UAE’s output to around 3.2 million barrels per day, suggesting production could almost double without its constraints.

OPEC is a group of oil-exporting nations that coordinates production to control supply and set prices. OPEC+ is a broader coalition that includes Russia and other countries that aren’t members of OPEC.

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