CNA938 Rewind - Winners and losers from UAE quitting OPEC
From May 1, the Organization of the Petroleum Exporting Countries (OPEC) will have one fewer member after the United Arab Emirates (UAE) announced its decision to leave the oil cartel. The UAE said it plans to continue pursuing its goal of gradually increasing crude production, in line with demand and market conditions. Despite the significance of the UAE's move, analysts said the immediate impact on oil markets is likely to be limited due to ongoing constraints linked to the Strait of Hormuz. Who will stand to benefit – and lose – in the long run from this development? Andrea Heng and Hairianto Diman find out with Sushant Gupta, Research Director, Asia Pacific Refining and Oils, Wood Mackenzie