UAE’s big step amid US-Iran war and Hormuz blockade, out of OPEC, what effect on India?
Amidst the ongoing conflict between America and Iran, the United Arab Emirates (UAE) has decided to withdraw from OPEC and OPEC+, the organization of oil producing countries. The UAE said that considering the economic outlook and the changing energy scenario, it decided to withdraw from this alliance after 60 years. OPEC is an alliance (cartel)…