UAE quits OPEC and OPEC+

OPEC Gulf producers have already been struggling to ship exports through the Strait of Hormuz, a ‌narrow chokepoint between Iran and Oman through which a fifth of the world’s crude oil and liquefied natural gas normally passes, because of Iranian threats and attacks against vessels.

The move came after the UAE, a regional business hub and ⁠one of Washington’s most important allies, criticised fellow Arab states for not doing enough to protect it from ⁠numerous Iranian attacks during the war.

OPEC, founded in 1960, is one of the most powerful players in the global supply of oil, as the organisation produces more than a third of global oil supply.