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UAE says it will leave OPEC effective May 1

The United Arab Emirates said on Tuesday that it will leave OPEC and OPEC+, effective May 1.

The stunning loss of the UAE, a longstanding OPEC member, could create disarray and weaken the group, which has usually sought to show a united front despite internal disagreements over a range of issues from geopolitics to production quotas.

This is a breaking news story. Please check back for updates.

Reuters contributed to this report.

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