Summary

• UAE exit from OPEC unlikely to have impact on oil in the short term.
• Hormuz closure may take months to recover from even after it reopens.
• Impact on fertilizer beginning to cause issues for global food supply.

With the Strait of Hormuz still closed and the UAE signaling plans to leave OPEC, the oil outlook is becoming more uncertain. Bart Melek, Head of Commodity Strategy with TD Securities, explains what this could mean for energy prices

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