Why is the UAE quitting OPEC – and what’s the impact?

play videoVideo Duration 28 minutes 15 seconds play-arrow28:15The decision by the United Arab Emirates comes during the worst global energy crisis of modern times.

The United Arab Emirates is quitting OPEC – and the oil-producing bloc is losing one of its most important members.

This comes during the worst global energy crisis of modern times, caused by the US-Israel war on Iran, which has hit the UAE hard.

So why now – and what’s the impact?

Chris Weafer – CEO at Macro-Advisory strategic consultancy

Cornelia Meyer – CEO of Meyer Resources and an oil and gas specialist

Torbjorn Soltvedt – Associate director at the global risk intelligence company Verisk Maplecroft