CoinWorld News reports that David Oxley, Chief Commodity Economist at Capital Economics, said that once shipping through the Strait of Hormuz resumes, the UAE’s exit from OPEC could pave the way for a significant ramp-up in production. He noted that the UAE’s hopes for increased output are being calmed because other OPEC member states turn a blind eye to its overproduction while also raising its quota levels. In a more stable environment, the UAE’s daily output could rise by about 1 million barrels, bringing total production to around 4.5 million barrels. Oxley also said that, thanks to a more diversified economy, the UAE is in a relatively better position than some of its Gulf peers to withstand falling oil prices.