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United Arab Emirates quits OPEC in a blow to the oil cartel
Published 2 months ago
Description
The United Arab Emirates has announced it will exit the Organisation of the Petroleum Exporting Countries - or OPEC - from May. Analysts say the decision reflects a growing rift with Saudi Arabia, and stronger ties with the United States. Any impact on oil prices is likely to be dampened by the continued closure of the Strait of Hormuz.