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The United Arab Emirates’ decision to withdraw from OPEC did more than deliver a shock to the cartel that has long ruled the global oil market. It also rang the opening bell for the new geopolitical order that the war with Iran is ushering in across the Middle East, the Wall Street Journal reported. The new alignment is redrawing political fault lines between the Arab world and Israel that defined the region for decades.
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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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The United Arab Emirates will exit OPEC on May 1, in a major blow to the cartel that coordinates production among many of the world’s largest oil producers, particularly those in the Middle East, CNBC.com reported. The shock announcement Tuesday comes after the UAE was the target of missile and drone attacks for weeks by fellow OPEC member Iran. Tehran’s attacks on shipping in the Strait of Hormuz has also severely constrained the UAE’s ability to export oil, threatening the foundation of its economy. The UAE has played an influential role in OPEC’s decisions over nearly six decades.
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