The UAE's decision, after nearly 60 years of membership, is seen as a potential death knell for the oil cartel.

The United Arab Emirates (UAE) is quitting the Opec and Opec+ groups of major oil producing nations next month after nearly 60 years of membership.

Opec was formed in 1960 by five countries - Iran, Iraq, Kuwait, Saudi Arabia and Venezuela - to defend the interests of major oil exporters by coordinating production to ensure steady revenue for its members.