United Arab Emirates announces OPEC exit after nearly 60 years involved

VIDEO: The worlds biggest oil cartel is losing one of it’s key members. The United Arab Emirates announced it’s exiting OPEC after being apart of the organization for nearly 60 years. Accounting for 40 per cent of the world’s global oil supply, OPEC has served as the guiding hand in setting production quotas and largely influencing oil prices world wide. This move deals the oil exporting group a heavy blow and comes as the U.S.-Israel war on Iran leaves energy markets in disarray. The UAE is moving extremely quick on their departure, which is effective May 1st, saying that during it’s time in the organization, it made significant contributions and even greater sacrifices for the benefit of all, but the time has come for it to focus on it’s own national interest instead.