"Oil" is not a homogeneous thing. There are different grades of oil and refineries are built to process specific grades of oil. UAE produces the so-called "Dubai Crude" oil grade, which is very sought after.
reply4.5% most likely capped to meet OPEC agreements. There's no ceiling now (although, it will obviously not be 100% or even close).
replyProbably not much unless others follow suite.
replyIt could be the first domino. They do have a port on the Gulf of Oman fed by a pipeline from their major fields well inland. This may turn out to be minimal for the world, but it could be huge for the UAE and their major customers.
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