MELBOURNE: (Apr 30) The United Arab Emirates (UAE) has announced that on May 1, it will leave both the Organisation of the Petroleum Exporting Countries (OPEC) and the larger OPEC+ group.
By withdrawing, the UAE will now be able to independently decide how much oil it produces and sells.
This matters – and not just because the UAE is one of the world’s top ten oil producers. The country also has the capacity to increase its output by about one million barrels per day.
Source: PTI News
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