TechFlow News, April 28: The United Arab Emirates (UAE) announced it will withdraw from OPEC and OPEC+ effective May 1. Jan von Gerich, an analyst at Nordea Bank, noted that the UAE seeks to increase its oil production, making this move bearish for oil prices. He added that once the Iran conflict ends, OPEC will no longer be able to control oil prices as it has in the past. Monica Malik, Chief Economist at Abu Dhabi Commercial Bank, stated that this decision opens the door for the UAE to capture global market share once geopolitical conditions normalize. She emphasized that this move should be positive for consumers and the broader global economy. (Jinshi)
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