The Gulf state is the latest to quit the group, which was created to form a united front on oil pricing.The United Arab Emirates has announced its withdrawal from OPEC and the wider OPEC+ framework, removing a core pillar of one of the most influential groups in the energy world.The Gulf country, with a capacity of approximately 4.8 million barrels per day and significant room to increase output, announced on Tuesday that it would quit the organisation to focus on “national interests”.Recommended Stories list of 3 itemsend of listThe move comes as the US-Israel war on Iran has sparked an historic energy shock.Here’s a look the at the organisation’s history and role in the global economy:When was OPEC established and why?The Organization of the Petroleum Exporting Countries (OPEC) is a permanent, intergovernmental organisation based in Vienna, Austria, that has the objective of coordinating and unifying petroleum policies among member states.It was originally created at the Baghdad Conference in September 1960 by five oil-producing founding states, Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.At that time, global oil markets were dominated by a group of powerful Western oil companies, known as the “Seven Sisters,” which controlled production and set prices.The broader aim of the founding countries was to assert sovereignty over their natural resources and secure fair and stable prices for petroleum producers, as well as regular supplies to consuming nations.OPEC currently has 12 members, including, aside from the UAE: Algeria, Republic of the Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, and Venezuela. Advertisement According to a sta …
