Why has the UAE left Opec - and why does this matter?

In a shocking move, the United Arab Emirates (UAE) has announced its decision to leave the Organization of the Petroleum Exporting Countries (Opec), marking the end of nearly six decades of membership. The UAE's withdrawal from the influential oil cartel is expected to send shockwaves through the global energy market, with analysts warning of potential price volatility and shifts in the balance of power. As the UAE continues to diversify its economy and reduce its reliance on oil exports, the move is seen as a strategic step towards long-term sustainability and economic growth. With the UAE accounting for around 4% of global oil production, the implications of its departure from Opec will be closely watched by investors and policymakers alike.

The United Arab Emirates (UAE) is quitting oil cartel Opec after nearly 60 years of membership.