BREAKING: The United Arab Emirates has announced it will withdraw from OPEC after more than 50 years, with the move set to take effect May 1.

[Cellblock2429]

Well, it looks like this will break the back of OPEC and give us all a break at the gas station. It won't happen overnight.


The decision would allow the UAE to boost oil production without OPEC quota limits — a major shift that could impact global oil prices.The move is also being viewed by some as a potential win for President Trump, who has repeatedly accused OPEC of inflating prices and “ripping off the rest of the world.”

 

[pknopp]

OPEC isn't the problem at the pumps.

 

[Cellblock2429]

OPEC isn't the problem at the pumps.

/----/ Oil prices go up; gas prices go up immediately. Oil prices go down; gas prices go down very, very slowly.

 

[pknopp]

/----/ Oil prices go up; gas prices go up immediately. Oil prices go down; gas prices go down very, very slowly.

Oil prices go up over "exaggerated exuberance ".

OPEC's definition of markets going up just because they want to.

Remove the "Hedge Fund" money and things become far more steady.