The United Arab Emirates' plan to ditch the oil producers' group Opec and strike out alone is being viewed as a huge blow for the organisation, with one analyst describing it as "the beginning of the end of Opec".
It comes at a time of significant volatility in the oil market, with the US-Israel war with Iran triggering the biggest loss of oil supply on record, according to the World Bank.
Here, in five charts, we explain how Opec influences oil prices and what the UAE's departure could mean.
Opec - the Organisation of the Petroleum Exporting Countries - was formed in 1960 by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela to defend the interests of major oil exporters by coordinating production to ensure steady revenue for its members.
The number of members has fluctuated over the years. In addition to its five founders it includes Algeria, Equatorial Guinea, Gabon, Libya, Nigeria and the Republic of the Congo.
