The United Arab Emirates said on Tuesday that it was leaving Opec after almost 60 years, dealing a significant blow to the oil cartel and its de facto leader Saudi Arabia.
The dramatic move by the Gulf state, Opec’s third-largest producer, underlines its long-running frustrations with the group of oil exporters over production quotas and its simmering tensions with Saudi Arabia.
It comes as the world is grappling with its biggest energy crisis in decades, triggered by the US-Israeli war against Iran and the Islamic republic’s closure of the Strait of Hormuz, through which about a fifth of the world’s oil normally passes.
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