IMPLICATIONS OF UNITED ARAB EMIRATES (UAEs) EXIT FROM OPEC .
OPEC AND OPEC + The Organisation of Petroleum Exporting Countries (OPEC) an intergovernmental Organisation established on 14th September 1960 in Bhagdhad with initial 5 members namely Iran, Iraq, Kuwait, Saudi Arabia and Venezuela were instrumental in making wide range of global impacts in later years due to heavy dependence of other country's on imports from OPEC members- petroleum products for energy consumption. At present with 11 member nations OPEC is estimated to control 79.5% of the world's proven oil reserves that are located within OPEC members wherein Middle East alone accounts for 67.2 % of OPEC s total reserves. It may be recalled here that first time forging of oi weapon and exercising of OPEC's cartel's monopoly power were exercised in October 1973 when oil prices were shot up several fold.Obviously non oil developing countries were worst affected.On the other hand advanced economies could neutralized the negative impact by enhanci...