UAE exit blindsides Opec and threatens to shake its grip on oil

Now, responsibility for balancing supply with demand in the future will fall on an ever-dwindling circle of nations in the Opec alliance, led by Saudi Arabia and Russia. — Bloomberg

THE shock decision by the United Arab Emirates (UAE) to quit the Organisation of the Petroleum Exporting Countries (Opec) blindsided its partners of six decades.

Now the cartel will have to fight to stay relevant in a fast-shifting global oil market.