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But we saved everything 🙂.
Alexander Stahel, founder / CIO at Commodity Private Equity Fund, points out that the United Arab Emirates has walked out of OPEC, but expects markets will barely notice.
Stahel references a 65-year audit indicating that OPEC has never been the price stabilizer it claims to be, stating that price volatility under its oversight has been two to four times higher than during the previous Twin Cartel era.
Stahel has previously tracked shifting trends in energy markets. In May, he reported that China cut crude oil imports by 6 million barrels per day, citing Kpler data. In an unrelated note, he also discussed SpaceX's corporate governance plan for a potential Mars colony.