From CNN.

The UAE plans to withdraw from the Organization of the Petroleum Exporting Countries, or OPEC, on Friday, the UAE’s state news agency WAM reported Tuesday.

The UAE has long pushed for higher OPEC production quotas as it sought to expand capacity well beyond the levels assigned to it by the cartel.

APCO senior adviser John Defterios explains the economic impact of the UAE raising its production level. Also, Arab News editor-in-chief, Faisal Abbas, breaks down the impact of the UAE’s exit from OPEC on global markets as Hormuz remains closed to commercial traffic. Watch more CNN here: https://cnn.it/4kh5RPe

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