London —
The Organization of the Petroleum Exporting Countries, OPEC, is about to lose one of its biggest members. The departure of the United Arab Emirates will deliver a blow to the cartel that could jeopardize its ability to influence the global oil market.
The UAE is OPEC’s third biggest crude oil producer after Saudi Arabia and Iraq. Its exit from the group will allow it to pump more oil, which could help bring oil and gas prices down in the long-run.
But if you’re expecting any immediate relief from high pump prices, you may be