On 28 April, the UAE, which produces about 4% of the world’s oil, thanked the Organisation of the Petroleum Exporting Countries (Opec) for “five decades of cooperation”, then resigned.Opec is an intergovernmental group that imposes production quotas on members to keep oil prices “fair and stable”, it says; economists see it as a classic example of a cartel, a group that collaborates to reduce competition and raise prices.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
