00:01Well, OPEC, essentially, it's a cartel.
00:04It's a body that's formed, been around for 66 years now,
00:08primarily to keep oil prices elevated
00:10and to keep the profits from petrochemicals and fossil fuels
00:15basically within the national borders of the countries that own those resources.
00:19OPEC has struggled for many, many years to keep its members in check.
00:24I mean, the idea, the way you keep prices high is by restricting supply.
00:29And everybody agrees that prices should be high,
00:32but nobody really wants to do the hard work of restricting their own supply.
00:37Now, the UAE, for the past few decades at least,
00:41has actually done a very good job of building its economy,
00:44trying to future-proof it against a period
00:47when either the world doesn't want fossil fuels or they run out.
00:50And it's also managed to upgrade its facilities
00:54so that it can export, you know, a lot more oil.
00:57The idea of trying to keep that restrained, their supplies restrained,
01:02so that everybody else then benefits has always rankled with the UAE.
01:06And it's always been a major sticking point in how the organisation works.
01:11So, Saudi Arabia is still the main partner of OPEC.
01:14The UAE provides about 15% of OPEC's oil.
01:18So, it's a very important part.
01:20And it's been the country that's done a lot of the heavy lifting
01:23in terms of keeping prices higher.
01:26So, but as I said, it's never felt completely comfortable
01:29with some of the other players in the area.
01:32So, we have to go back into the arena.
01:33So, we heard more of the UAE.
01:33So, let's keep going.
01:33Here.
01:33So, there you can see the Africa- dzieci
01:34So, I'll take a break of the country.
01:34Here we can see the concept of the UAE.
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