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.

Also, Russia has accused Ukraine of destabilising global energy markets after renewed drone strikes caused a huge fire at an oil refinery in the Black Sea port of Tuapse. At least 15 people have been killed and dozens more injured after a long distance train smashed into a stationary commuter train outside the Indonesian capital Jakarta.

UAE Energy Minister Suhail Al Mazrouei tells Becky Anderson that the UAE’s decision to leave OPEC and OPEC+ was made “after a very careful review of its policies.”

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.

It is a very big deal that the United Arab Emirates (UAE) has announced its abrupt exit from Opec, the Organisation of Petroleum Exporting Countries. The Emiratis were members even before they became a nation state in 1971.

Robin Mills, CEO of Qamar Energy explains the reasons behind the UAE’S unexpected announcement that it is leaving OPEC.

The Arab oil producer has long expressed frustration with the quotas it has to follow as part of OPEC, the cartel of major state-owned oil producers.

Markets grapple with the UAE's shock OPEC exit, while also contending with a host of earnings reports and a Fed decision later today.