Does the U.A.E.’s Exit from OPEC Matter?

“Empires do not suffer emptiness of purpose at the time of their creation. It is when they have become established that aims are lost and replaced by vague ritual.” — Frank Herbert, Dune Messiah

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The United Arab Emirates said it would leave the oil cartel, OPEC, on May 1, marking a further blow to the stability of oil markets that are still reeling from effects of the war in Iran.

Though few expect there to be any short-term impact from this d...

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