The United Arab Emirates decided to leave the Organization of Petroleum Exporting Countries (OPEC), as well as OPEC+, a broad group of countries producing this raw material that also includes countries like Russia. The decision, taken at a time of market instability caused by the blockade of the Strait of Hormuzwas communicated this Tuesday and leaves the sector in the midst of even greater uncertainty, taking into account the size of this country, which is the third largest producer in OPEC. The departure will take effect on Friday, May 1st.
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