The United Arab Emirates has announced that it will no longer be a member of the Organization of Petroleum Exporting Countries effective May 1.

With the global and continental geopolitical storm confronting Canadians on a near-daily basis, many might understandably be inclined to let this headline pass without further reflection.

That would be a missed opportunity.

The changes happening in the UAE, OPEC and the oil market more broadly are a window into a future that will profoundly affect the Canadian energy sector and economy, well after the current U.S.-Iran confrontation in the Strait of Hormuz ends.

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Despite the profound differences in geography, government and geopolitical position, Canada and the UAE have more in common than meets the eye — at least when it comes to energy.

Canada and the UAE are among a handful of upstream oil markets that are significantly expanding production. UAE’s plans to grow its production by nearly 50 per cent are the key reason for its tension with OPEC, particularly Saudi Arabia.

OPEC’s core mission is to co-ordinate production policies among its members in response to market conditions. That has rarely been a seamless process, due to conflicting national-level objectives — including the UAE’s current appetite to accelerate development of its immense oil reserves.

Alberta Premier Danielle Smith also aspires to grow oil production to eight million barrels per day, nearly........

© Calgary Herald