The Gulf state is the latest to quit the group, which was created to form a united front on oil pricing.
The United Arab Emirates has announced its withdrawal from OPEC and the wider OPEC+ framework, removing a core pillar of one of the most influential groups in the energy world.
The Gulf country, with a capacity of approximately 4.8 million barrels per day and significant room to increase output, announced on Tuesday that it would quit the organisation to focus on “national interests”.
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The move comes as the US-Israel war on Iran has sparked an historic energy shock.
Here’s a look the at the organisation’s history and role in the global economy:
When was OPEC established and why?
The Organization of the Petroleum Exporting Countries (OPEC)…
