The decision by the United Arab Emirates to leave the OPEC oil cartel shook up the 65-year-old alliance that produces some 40% of the world’s crude oil and exerts major influence over the price of energy around the globe.

The United Arab Emirates will leave OPEC, the decades-old cartel of the world’s top oil exporters, delivering a shock that will ripple through global oil markets. CNN’s Eleni Giokos has details.

The shock decision by the United Arab Emirates to quit OPEC blindsided its partners of six decades. Now the cartel will have to fight to stay relevant in a fast-shifting global oil market.

Iran is expected to submit a revised peace proposal, sources say, after President Donald Trump indicated he would not accept an earlier version. Follow for live updates.

It's a win for Trump, who once accused the organisation of "ripping off the rest of the world" by inflating oil prices.

The United Arab ⁠Emirates ⁠said on Tuesday it was quitting ⁠OPEC and OPEC+, dealing a heavy blow to the oil exporting groups and ​their de facto leader, Saudi Arabia, at a time when the Iran war has caused a historic energy shock ‌and unsettled the global economy.

The decision by the United Arab Emirates on Tuesday to quit the Organization of the Petroleum Exporting Countries is a sign the cartel is losing its grip on the ability to control the worldwide supply and price of oil.

The United Arab Emirates will leave a decades-old cartel of the world’s top oil exporters, delivering a major blow to the group that will ripple through the global oil market at a time of unprecedented turmoil caused by the Iran war.