In a blow to OPEC amid sweeping turmoil in energy markets, the United Arab Emirates is set to quit the group. Meanwhile, lingering doubts over the payoff from massive AI investments continue to weigh on markets.

In announcing its country’s departure, the UAE ’s energy ministry thanked the other members of OPEC for “five decades of co-operation”. But his emollient talk belies the fact that tensions in OPEC have been brewing for years.

The United Arab Emirates will leave a decades-old cartel of the world’s top oil exporters, delivering a major blow to the group that will ripple through the global oil market at a time of unprecedented turmoil caused by the Iran war.

The United Arab Emirates says quitting the Opec and Opec+ groups of major oil producing nations will provide more flexibility. The move is being seen as a blow to the groups' de facto leader Saudi Arabia.

UAE Energy Minister Suhail Al Mazrouei tells Becky Anderson that the UAE’s decision to leave OPEC and OPEC+ was made “after a very careful review of its policies.”

The abrupt decision by the UAE—which has been a member of OPEC for six decades—reflects an intensified rivalry with Saudi Arabia and current pressures from the Iran war on Gul

Three of the most dangerous words in the oil market are "OPEC is dead." Its obituary has been written many, many times — always prematurely. Global finance provides another, equally storied phrase: “This time is different.

Robin Mills, CEO of Qamar Energy explains the reasons behind the UAE’S unexpected announcement that it is leaving OPEC.