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  • UAEโ€™s exit deals a death blow to OPEC Ignacio Fariza
    For over six decades, the world has regarded the beautiful and peaceful city of Vienna with a certain apprehension. Austria, a country far removed from the fossil fuel imagery, is nonetheless the seat of power in the worldโ€™s largest commodities market. There, a stoneโ€™s throw from its imposing neo-Gothic City Hall, the energy ministers of the Organization of the Petroleum Exporting Countries (OPEC) meet month after month to decide how much production to withhold from the market in order to keep p
     

UAEโ€™s exit deals a death blow to OPEC

30 April 2026 at 10:00

For over six decades, the world has regarded the beautiful and peaceful city of Vienna with a certain apprehension. Austria, a country far removed from the fossil fuel imagery, is nonetheless the seat of power in the worldโ€™s largest commodities market. There, a stoneโ€™s throw from its imposing neo-Gothic City Hall, the energy ministers of the Organization of the Petroleum Exporting Countries (OPEC) meet month after month to decide how much production to withhold from the market in order to keep prices high, effectively steering a marketplace that resembles a modern bazaar more than a free market.

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ยฉ Louisa Gouliamaki (REUTERS)

The president of the United Arab Emirates, Mohamed bin Zayed, in June 2024 in Borgo Egnazia, Italy.
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