UAE Quits OPEC After 60 Years, Shakes Up Global Oil Market
The United Arab Emirates will leave OPEC and OPEC+ next month after nearly six decades of membership. It says the move will help it meet rising global energy demand following recent investments to boost production. Analysts warn this could weaken the cartel. With the UAE gone, OPEC loses about 15% of its capacity, prompting some experts to call it “the beginning of the end” for the alliance. The exit also echoes calls from US leaders for lower oil prices and may open the door to closer energy ties between the UAE and the United States.
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