IMHO there is one reason that the #UAE left #OPEC today... money.

[rantingcanuck@mstdn.ca]

IMHO there is one reason that the #UAE left #OPEC today... money. The US & Isreali war on #Iran that resulted in the Strait of Hormuz being closed has laid bare the strategic consequences of being reliant on oil and gas; and nations without their own oil and gas reserves are going to rapidly be looking for energy sources that are insulated from geopolitical events; and that means renewable energy.

The UAE can see the writing on the wall that in the near future there is going to be a surplus of oil on the market and the traditional OPEC strategy of curtailing production to keep prices high won't work anymore; leaving those with oil to export in a mad dash to sell what they can, while they still can. Leaving OPEC while they can will allow them get as much as possible before the market disappears.

#Canada needs to take notice and diversify away from oil and gas or we are going to get caught up in the coming crash. The best time to diversify was 20 years ago, the second best is now.