Following the UAE’s Lead, Iraq Warns It Could Leave OPEC. Here’s What That Would Mean for Oil Stocks
Iraq wants to pump more oil in the future.
Following the UAE’s Lead, Iraq Warns It Could Leave OPEC. Here’s What That Would Mean for Oil Stocks
Overview
The United Arab Emirates (UAE) shocked the global oil market in April when it announced it would leave OPEC in May. The UAE had been an OPEC member since 1967 and was the third-largest oil producer in the group before its surprising exit. Leaving OPEC frees the UAE from production quotas, allowing it to increase its production at will.
Now, Iraq is warning OPEC that it could also leave the group. Here’s why and what that would mean for oil stocks.
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Originally published at www.fool.com.
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