Business Insights: The Dollar’s Influence and OPEC’s Division
UAE Trades OPEC for Free World The United Arab Emirates announced its decision to leave OPEC this week. This marks one of the most significant blows the cartel has ever experienced. Since joining OPEC in 1967, the UAE has been the third-largest producer within the organization and one of the few members with significant spare […]
Oil Prices Drop Sharply Following OPEC’s Forecast of a Worldwide Crude Excess
Crude Oil and Gasoline Prices Drop Significantly On Wednesday, December WTI crude oil fell by 2.55, or 4.18%, while December RBOB gasoline decreased by 0.0566, or 2.81%, reaching a three-week low for crude oil. The decline was driven by concerns over a global oversupply, as OPEC announced that a surplus had emerged sooner than anticipated. […]