What happened: The United Arab Emirates has announced it will exit the Organisation of the Petroleum Exporting Countries (Opec). This decision is viewed as a significant setback for the cartel.
Why it matters:
- The UAE's departure may weaken Opec's influence on global oil markets.
- Oil-producing countries and global energy markets could face increased uncertainty.
MNN Take: The UAE's exit reflects changing priorities among oil producers and could lead to shifts in how global oil supply is managed.
Sources: BBC World