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The United Arab Emirates is quitting OPEC oil cartel after nearly 60 years NPRUnited Arab Emirates Says It Will Leave OPEC in Blow to Oil Cartel The New York TimesUAE quits Opec in win for Trump as oil cartel weakened The GuardianUAE to leave OPEC amid Hormuz oil crisis, a blow to Saudi Arabia The Washington PostWhy the UAE is not down with OPEC NBC News
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The United Arab Amirates decision to leave the Organization of the Petroleum Exporting Countries at the end of the week came as a surprise to some, especially during a time of severe global disruptions to oil production and passage through in the Middle East.
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The group of oil-producing countries supplied more than 25 percent of the world's oil before the war in Iran. Its members have influenced energy markets through the years.
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High oil prices are likely to contribute to slowing GDP growth, boosting gold's appeal.
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