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The UAE is leaving the OPEC oil cartel. What could that mean for oil prices?

  • Written by Jamie Cross, Assistant Professor of Econometrics & Statistics, Melbourne Business School
The Port of Fujairah in the United Arab Emirates

The United Arab Emirates (UAE) has announced that on May 1, it will leave both the Organization of the Petroleum Exporting Countries (OPEC) and the larger OPEC+ group. By withdrawing, the UAE will now be able to independently decide how much oil it produces and sells.

This matters – and not just because the UAE is one of the world’s top...

Read more: The UAE is leaving the OPEC oil cartel. What could that mean for oil prices?

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