SMH
·general
·1 hour ago
United Arab Emirates exits OPEC to boost oil production amid war
The United Arab Emirates exited OPEC amid the ongoing war in Iran on April 29, 2026, altering the oil market dynamics. The UAE, currently producing about 3.6 million barrels a day, aims to increase its output capacity beyond OPEC's restrictions. This move could significantly impact oil prices once the Strait of Hormuz reopens, currently constraining production.
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