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Just as oil prices are looking stable (albeit higher) due to a ceasefire, the market took another blow as the United Arab Emirates exited the OPEC.
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The United Arab Emirates' decision to leave OPEC has rocked the region, underscoring how the country, at odds with Saudi Arabia, is increasingly charting its own course.
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The departure weakens the Organization of the Petroleum Exporting Countries, long criticized by Trump, as the global economy reels from the Iran war energy shock.
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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 UAE said it decided leaving OPEC was in its national interest after reviewing its production policy and capacity.
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