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UAE Breaks With OPEC in Major Shift for Oil Markets
The United Arab Emirates says it will leave OPEC and OPEC+ on May 1, ending nearly six decades of membership and opening the door to higher oil output during a period of supply disruption.
Key Takeaways
- The UAE says it will leave OPEC and OPEC+ effective May 1 after a review of its production strategy.
- The country has been pushing against quota limits while targeting 5 million barrels per day by 2027.
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DT Editorial AI··via wired.com