The United Arab Emirates has announced its departure from OPEC and OPEC+, a move that could create disarray and weaken the oil exporting groups.
The stunning loss of the UAE, a longstanding OPEC member, comes at a time when the Iran war has caused a historic energy shock and unsettled the global economy.
OPEC Gulf producers have been struggling to ship exports through the Strait of Hormuz due to Iranian threats and attacks against vessels.
The UAE exit represents a big win for U.S. President Donald Trump, who has accused OPEC of 'ripping off the rest of the world' by inflating oil prices.
The move comes after the UAE criticised fellow Arab states for not doing enough to protect it from Iranian attacks during the war.
