The UAE announced its exit from OPEC today — a historic first for a major Gulf producer. Context: disrupted Strait of Hormuz shipping, Gulf states at odds over collective defense, and global spare capacity at historic lows.

Abu Dhabi holds the world's lowest-cost barrels. Outside OPEC quotas, it can now ramp production independently.

The question: does this accelerate OPEC's fragmentation? #OPEC #energy #oil #geopolitics