UAE leaves OPEC: what it means for the US, oil markets & Saudi

This morning, the United Arab Emirates announced that it was going to formally withdraw from the Organization of Petroleum Exporting Countries (OPEC). The move comes as yet another signal of a deepening split between Saudi Arabia and the UAE on a broad range of diplomatic issues. However, it also reflects a longer-standing divergence between the two dominant Gulf monarchies on OPEC production and the allocation of quotas within OPEC, arising from different fiscal dynamics and export revenue need...