Edward Conard

Top Ten New York Times Bestselling Author

  • “A full-throated defense of economic dynamism.” - The Wall Street Journal
  • “Unintended Consequences provides a provocative interpretation of the causes of the global financial crisis and the policies needed to return to rapid growth. Whether you agree or not, this analysis is well worth reading.” - Nouriel Roubini, New York University; Chairman, Roubini Global Economics
  • “…a very valuable contribution.” - Larry Summers, former Secretary of the Treasury and director of the National Economic Council, president emeritus, Harvard University
  • “Unintended Consequences should be read by anyone who takes for granted the superiority of progressive taxation and has not thought carefully about the trade-offs involved.” - The New Republic
  • “…a very valuable contribution.” - Larry Summers, former Secretary of the Treasury and director of the National Economic Council, president emeritus, Harvard University
  • “…a fresh argument for the productive value of inequality.” - David Autor, Professor of Economics, Massachusetts Institute of Technology
  • “…a comprehensive explanation of the modern economy.” - Julian Robertson, Founder, Tiger Management
  • “Unintended Consequences represents the most cogent and persuasive analysis of the Financial Crisis to date.” - Andrei Shleifer, 1999 John Bates Clark Medal Winner
  • “Unintended Consequences offers deep and well-argued analyses on almost every issue.” - The New York Times
  • “There are an amazing number of good ideas and interesting points made in Unintended Consequences. The thinking underlying it, and the obvious depth of understanding of the author, are very impressive.” - Steven Levitt, coauthor of Freakonomics; 2004 John Bates Clark Medal
  • “…challenges misconceptions that distort our economic debates.” - Arthur Brooks, President of the American Enterprise Institute
  • “…serious thinking for serious thinkers. …a thought-provoking blueprint for growing middle- and working-class incomes.” - Mitt Romney, former Governor of Massachusetts
Upside of Inequality Oxford Unintended Consequences

AI Summary. The UAE's exit from OPEC removes production constraints, allowing output to rise from 3.7m barrels/day toward a 5m barrels/day target by end-2027. Uncapped production will accelerate supply growth when regional shipping routes reopen, suppressing oil prices by rebuilding global inventories.

Javier Blas Bloomberg
Date Posted:

Before the war, the UAE was producing ~3.7mm bpd, less than its 4.5mm bpd capacity due to OPEC constraints. It will likely have the ability to deliver 5mm bpd by the end of 2027. Once the war is over, the new output will “put a lid on prices.”

Core argument: Abu Dhabi was careful to avoid spooking the energy market, promising “to act responsibly, bringing additional production to market in.

Make no mistake: UAE is leaving OPEC to produce more crude — against Saudi Arabia’s interests. Abu Dhabi was careful to avoid spooking the energy market, promising “to act responsibly, bringing additional production to market in a gradual and measured manner, aligned with demand and market conditions.” But it’s clear that UAE output is only headed one way: upwards. Before the war, the country was already pumping well above its OPEC official ceiling, producing about 3.7 million barrels a day of crude. It has the capacity to produce probably closer to 4.5 million barrels, and aims to be able to deliver 5 million by the end of 2027. More UAE oil is exactly what the market will need later this year when — because it’s a question of when and how, rather than if — the Strait of Hormuz reopens. When the conflict is over, Abu Dhabi, free from the OPEC constraint, [will be] able to pump at will, providing the world with the barrels needed to rebuild [inventories], in effect putting a lid on prices.

Takeaways by Macro Roundup® AI

  1. Abu Dhabi was careful to avoid spooking the energy market, promising “to act responsibly, bringing additional production to market in.
  2. Before the war, the country was already pumping well above its OPEC official ceiling, producing about 3.7 million barrels a.
  3. It has the capacity to produce probably closer to 4.5 million barrels, and aims to be able to deliver 5.

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