UAE Quits OPEC Group Amid Iran War Crisis: What It Means For The Oil Market?

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The United Arab Emirates has announced its exit from both OPEC and OPEC+, dealing a significant setback to the oil producers' bloc and its de facto leader, Saudi Arabia, at a time when the ongoing Iran war has triggered a historic energy shock and rattled the global economy, Reuters reported. The exit will come into effect from May 1. The departure of the UAE, long considered a key member of OPEC, raises concerns over potential fragmentation within the group, which has traditionally projected unity despite differences over geopolitics and production quotas. The development comes as Gulf producers face mounting challenges in exporting crude via the Strait of Hormuz, a critical passage through which roughly one-fifth of global oil and LNG supplies transit. Reuters reported that the move is also being viewed as a strategic win for Donald Trump, who has repeatedly criticised OPEC for inflating oil prices. #uae #oil #news #ndtvprofitvideo #business For more videos subscribe to our channe

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