Fuelcast: The UAE is leaving OPEC
4/29/20268 min
The UAE is leaving the Organization of the Petroleum Exporting Countries (OPEC), marking another shift for a group that once had far greater control over the global oil market.
So what does the move mean for oil prices, supply shocks, and the balance of power in energy?
Carrington Clarke and Alan Kohler help you stay on top of the numbers behind the ongoing energy crisis on Fuelcast on ABC Business Daily.
Got a burning brent crude question?
Send an email to Carrington and the team abcbusinessdaily@abc.net.au
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First 90 secondsSpeaker 00:00
[upbeat electronic music] ABC Listen: podcasts, radio, news, music, and more [upbeat electronic music] Welcome to Fuel Cast.
Carrington Clarke· Host0:12
I'm Carrington Clark, and this is your source to stay on top of the numbers behind the ongoing energy crisis. It's Wednesday, April the 29th. We're recording mid-morning. Here's the latest. The price of Brent Crude has risen to one hundred and eleven US dollars a barrel since we last checked in. The national average price of unleaded has stayed roughly level at one dollar and eighty-seven cents per liter, and the national average price of diesel has dropped to two dollars and sixty cents per liter. Today, I'm joined by Alan Kohler to dig into the major energy headlines. Good morning, Alan.
Alan Kohler· Guest0:46
Good morning, Carrington.
Carrington Clarke· Host0:46
Alan, we have news that the United Arab Emirates has announced it will leave OPEC. That's the Organization of the Petroleum Exporting Countries. Now, OPEC controls around thirty percent of global oil supply, and it works to coordinate policy in order to maximize profits for its members. Now, the UAE says it's also withdrawing from OPEC Plus, which is an even wider framework of oil producers. For a long time, OPEC was a powerful organization with the ability to control the price of oil, the lifeblood of the global economy, but that power has been massively diminished in recent years, particularly because of the rise of US production. Alan, what do you make of this departure, and how odd is it that we now have