The United Arab Emirates has announced its withdrawal from the Organization of the Petroleum Exporting Countries (OPEC) and OPEC+, effective this Friday.
The statement said: "The decision was made after the UAE reviewed its energy policy, in a way that would enable it to contribute to the needs of the global market, especially after the recent events in the region and the blocking of the Strait of Hormuz, which affects demand and supply in the market.".
The significance of the move: The UAE will produce oil according to its own considerations, and will be able to lower prices worldwide, thus making it easier for President Trump to continue to pressure Iran.
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