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UAE Quits OPEC, Goes Solo in Oil Market
Published 4 days, 10 hours ago
Description
The United Arab Emirates, a major oil producer and third-largest OPEC member, has decided to leave the cartel after fifty-seven years. With extraction costs under ten dollars a barrel and a need for cash flow due to regional chaos and economic strain, the UAE is now set to pump oil independently. This move, coupled with Russias high oil production, is expected to cause market volatility before a new balance is established.
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