The change is a major blow to the oil cartel that has long dominated the oil market.

The United Arab Emirates announced on Tuesday that it is leaving the Organization of the Petroleum Exporting Countries, known as OPEC, and OPEC+, in a major blow to the cartel amid an energy crisis caused by the U.S. and Israel’s war with Iran. The country’s departure will take effect on May 1, it announced in a statement issued through its state news media. It will allow the country to…

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