United Arab Emirates announces OPEC exit this week

LiveNOW’s Alexandra Goldberg is speaking with McGill University lecturer Julian Karaguesian after the United Arab Emirates announced it was leaving OPEC this week. OPEC, or the Organization of the Petroleum Exporting Countries, was formed in 1960 as a reaction to Western domination of the oil industry. The United Arab Emirates said on Tuesday that it will leave OPEC effective May 1. They have previously pushed back against OPEC quotas in recent years.