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 decision by the United Arab Emirates on Tuesday to quit the Organization of the Petroleum Exporting Countries is a sign the cartel is losing its grip on the ability to control the worldwide supply and price of oil.

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

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 ⁠said on Tuesday it was quitting ⁠OPEC and OPEC+, dealing a heavy blow to the oil exporting groups and ​their de facto leader, Saudi Arabia, at a time when the Iran war has caused a historic energy shock ‌and unsettled the global economy.

The United Arab Emirates on Tuesday said it was quitting OPEC, dealing a blow to the oil producers' group ​as an unprecedented energy crisis caused by the Iran war exposes discord among Gulf nations.

The United Arab Emirates will withdraw from the OPEC and OPEC+ oil cartels to focus on "national interests", it announced on Tuesday, causing fresh shockwaves as energy prices soar over the Middle East war.

Several international airlines announced they're cutting summer flights to save on costs, and that's leaving travelers with fewer flight options. Other domestic carriers are now charging passengers more for checked bags to help offset the cost of rising jet fuel prices.