Explainer: What is Opec, and what happens now that UAE has left

The UAE’s exit on May 1 after six decades of membership is the culmination of years of tension with Opec leader Saudi Arabia, both over oil output policy and competition for regional political influence

Given Opec operates as an effective cartel, many criticise the organisation for holding too much power and not allowing the elements of the free market to operate and for each country to sell and produce what they wish.

The United Arab Emirates will leave Opec next month, in a significant blow to the group that raises questions about its future at a time when the industry is grappling with the massive supply disruption caused by the war in Iran.

What is Opec?