The decision by the United Arab Emirates (UAE) to quit Opec, the Organisation of Petroleum Exporting Countries, is a seismic blow to the oil cartel. Opec is already reeling from the energy shock of the Iran war and Tehran’s closure of the vital supply line through the Strait of Hormuz. There will be worries now that other member countries could depart, triggering chaos in the oil bloc. There is one winner in all this: Donald Trump, who has accused Opec of “ripping off the rest of the world” by inflating oil prices. The US President will be pleased that Opec has been weakened and hope that this leads to a drop in prices in the longer term.

The UAE has sent a strong signal to Saudi Arabia, the defacto leader of the oil cartel, that change is in the air

The UAE has sent a strong signal to Saudi Arabia, the defacto leader of the oil cartel, that change is in the air

The UAE’s exit – after 60 years of membership – is about much more than oil, laying bare the increasing rifts between Gulf nations as the conflict in the Middle East rumbles on. Iran, a fellow member of Opec, has launched military........

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