The United Arab Emirates says it's leaving OPEC, in a blow to oil cartel
The Arab oil producer has long expressed frustration with the quotas it has to follow as part of OPEC, the cartel of major state-owned oil producers.
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The United Arab Emirates is quitting OPEC oil cartel after nearly 60 years April 28, 202610:09 AM ET Camila Domonoske UAE's Minister of Energy and Industry Suhail al-Mazrouei is shown arriving for an OPEC meeting in Vienna, Austria, on June 4, 2023. Joe Klamar/AFP via Getty Images hide caption toggle caption Joe Klamar/AFP via Getty Images The United Arab Emirates has announced that it's leaving OPEC, the cartel representing major state-owned oil producers, on May 1. In an announcement posted on state-owned media, the UAE wrote that the decision "reflects the UAE's long-term strategic and economic vision and evolving energy profile, including accelerated investment in domestic energy production, and reinforces its commitment to a responsible, reliable, and forward-looking role in global…
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