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Watch: Why the UAE quit OPEC


The United Arab Emirates (UAE) has announced its withdrawal from the Organization of the Petroleum Exporting Countries (OPEC) nearly 60 years after becoming a member of the group.

OPEC is a group of mainly Gulf oil exporting countries that oversees oil production and has a major influence on global prices.

The Emirates’ sudden exit is seen as a blow to the group – and their exit could also affect you and your wallet.



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