OPEC Explained: UAE Exits in Major Blow to Oil Cartel

The United Arab Emirates said on April 28 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 rattled the global economy.

But what is OPEC, and how does it impact consumers? Head of geopolitical analysis at Rystad Energy and former OPEC officer Jorge Leon explains.

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