UAE to exit OPEC oil organization.

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The state news agency WAM reported that the United Arab Emirates will exit the Organization of the Petroleum Exporting Countries (OPEC) on May 1.

This choice is consistent with the United Arab Emirates‘ long-term economic and strategic vision and the growth of its energy sector, including boosting investment in local energy production.

OPEC is an organization of significant oil-producing countries that aligns production strategies to impact worldwide oil supply and pricing.