The Age
·general
·9 hours ago
United Arab Emirates exits OPEC to enhance oil production during conflict
The United Arab Emirates exited OPEC amid the Iran war on April 29, 2026, to boost its oil production capacity. Suhail al-Mazrouei stated that the decision aligns with the UAE's long-term strategic vision. The closure of the Strait of Hormuz has removed about 13 million barrels a day from the market, significantly impacting oil prices.
Summary by Glance · The Age
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