Has the UAE seen the writing on the wall (peak oil that is)?

A lot of the post WW2 institutional structure is being challenged at present and/or vanishing altogether. Some of the changing environment will prove to be disastrous for the world, while some of the changes are likely to be beneficial. There will also be pro and con of many of the disruptions. Tomorrow (May 1, 2026), the United Arab Emirates (UEA) will formally leave the Organization of the Petroleum Exporting Countries (OPEC), which many consider will mark the beginning of the end for the cartel that has shown at various times since it was established in 1960, that it can manipulate world oil prices to the advantage of cartel members. But OPEC has been in decline for many years and member states have been doing informally, what the UAE plans to do formally as a Non-OPEC, non-DoC member. The departure will have some negative impact on oil prices once the Iran mess ends. But the most significant aspect I think is that it marks the recognition by one of the largest oil producers that peak oil is past and they need to cash out their remaining reserves and invest in renewables before it is too late. If that is correct, and that sentiment catches on then positives might come from the decision in the medium-term.

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