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Story summary
- The United Arab Emirates (UAE) announced on Tuesday it is leaving OPEC.
- The UAE, producing 3 million barrels daily, could lift output to 5 million barrels after exiting, said economist Daniel Lacalle.
- Treasury Secretary Scott Bessent confirmed the UAE received a Federal Reserve (Fed) swap-line soft loan.
- OPEC’s share will drop from about 36 % to near 30 %, limiting price power and boosting U.S. influence over the fossil-fuel market.
