What are OPEC and OPEC +, and why has the UAE quit?

In a shocking move, a key member of the OPEC+ alliance has announced its withdrawal, leaving the group's unity on oil pricing in jeopardy. The Gulf state's decision to quit the organization, which was formed to coordinate oil production and stabilize global energy markets, has sent shockwaves through the international energy community. The development raises concerns about the future of OPEC+, which has been instrumental in managing the global supply of oil and maintaining a delicate balance between producers and consumers. As the global energy landscape continues to evolve, the implications of this move are likely to have far-reaching consequences for the oil market and the economies that rely on it.

The Gulf state is the latest to quit the group, which was created to form a united ⁠front on oil pricing.