UAE leaves OPEC to pursue "accelerated" production
The United Arab Emirates said Tuesday it's exiting OPEC after more than 50 years — a blow to the powerful alliance of big oil producers.Why it matters: The UAE is the group's third-largest producer, and the departure will make it tougher for OPEC to control output and prices.The country has previously bristled at production quotas under OPEC's market-management strategy. But the departure came as a surprise.Driving the news: The UAE pointed to rising energy demand over the medium- to long-term.T...
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