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Shocking UAE exit rocks OPEC, but group will still hold significant sway over the oil market

CNBC·Brian Sullivan·about 1 month ago
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(This is CNBC's "Power Insider" newsletter, your inside look at the investments, people and companies powering the global energy industry. Click here to subscribe.) POWER POINT What I'm hearing from energy insiders The ink was barely dry - so to speak - on this week's Power Point when the news blew harder than the oil well in the movie  There Will Be Blood .  The United Arab Emirates is leaving OPEC, and leaving now.  It came as a shock to many.  The UAE may only be the 3rd largest producer in OPEC - and 8th largest in the world - but it punches above its weight in terms of influence.  I've been to a number of OPEC meetings and the UAE and its long-time energy minister Suhail Al Mazrouei have always been at the forefront of the negotiation and dialogue.  Whenever there was a conflict - usually with Iran - Saudi Arabia or the UAE appeared to be the country that could smooth it over.    When the group would finally make a decision on oil output, the UAE was often on the…

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