UAE to exit OPEC, seeking a strategic shift and more production flexibility
Move reflects long-running tensions with Saudi Arabia over quotas as Abu Dhabi seeks greater control over output policy.
Organization of the Petroleum Exporting Countries (OPEC)
Five major oil exporters founded the Organization of the Petroleum Exporting Countries, or OPEC, at Baghad in 1960, to influence the global oil markets by coordinating policies among member nations. Thirteen countries in Africa, Latin America and the Middle East now belong to the Vienna-based organization, accounting for four-fifths of the world's 'proven' oil reserves.
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