Nick Fountain

I mean, how much more can they produce?

This is the thing.

Iran's blocking of the Strait of Hormuz has prevented a large portion of Emirati oil from even leaving the country.

So Kate says the UAE leaving OPEC isn't going to have much of an effect right now.

Countries will refill their strategic reserves.

Companies will refill their tanks, their tankers, their refineries.

But it's going to take a long time to get back to normal.

In short, Kate doesn't think there's any major relief coming anytime soon.

And even after things do get back to normal and the UAE gets to sell as much oil as it wants, no quotas, it'll only add about 1.5% to the world's overall oil supply.

So, listener Valerie, will prices at the pump go down?

Kind of depends on how OPEC responds.

Do they want a punishing price war with the UAE?

Or do they wanna keep the price high?

Collectively, they're gonna have to decide.

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