Impact of UAE withdrawing from OPEC and OPEC+ : Dr Azar Jammine

The United Arab Emirates has withdrawn from the Organisation of the Petroleum Exporting Countries - OPEC and OPEC plus, delivering a major blow to the oil-producing alliances.

It comes at a time when the war on Iran has triggered an energy shock and rattled the global economy. The departure of the UAE, a longstanding member of OPEC, could sow uncertainty and weaken the bloc, which has traditionally sought to project unity despite internal tensions over geopolitics and production quotas.

Meanwhile crude oil prices surged beyond 124 dollars a barrel after reports indicated that the US military is set to brief President Donald Trump on potential action against Iran. Trump has also reportedly rejected Tehran's proposal and reaffirmed that the US will continue its naval blockade until a nuclear agreement is secured. For more on this we now bring in Dr Azar Jammine, Director and Chief Economist at Econometrix.

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