The story so far:

On May 1, the United Arab Emirates (UAE) officially exited the Organization of the Petroleum Exporting Countries (OPEC) and OPEC+. While OPEC is a permanent intergovernmental organisation founded in 1960 to coordinate the petroleum policies of its member countries and stabilise global oil markets, OPEC+ is a broader alliance formed in 2016 that includes the core OPEC members along with 10 additional major oil-producing nations, most notably Russia. The UAE’s decision dealt 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 unsettled the global economy.