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While Saudi Arabia charges ahead with oil production cuts and Russia keeps crude flowing to fund its invasion of Ukraine, one country is quietly chalking up wins in the oil market: the United Arab Emirates.
In June, when the Saudi-led Organisation of the Petroleum Exporting Countries (Opec) and an alliance of oil producers headed by Russia, known as Opec+, met to determine energy policy, the UAE pulled off a long-term goal of increasing the amount of crude it is allowed to pump.
The upward revision of the UAE’s quota will take the Emirates’ production up by 200,000 barrels per day…
