UAE wants to supply more oil than its OPEC quota and that could help push down prices once the Strait of Hormuz opens.
UAE wants to supply more oil than its OPEC quota and that could help push down prices once the Strait of Hormuz opens.
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As the United Arab Emirates’s exit from OPEC officially takes effect, experts say the United States government will welcome the move for its potential to curb the oil-producing cartel’s pricing power.
While the UAE’s withdrawal, which went into effect on Friday, has been long rumoured, the timing was unexpected.
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