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7News Just In — UAE quits OPEC after 60 years. Machine-transcribed; use the interactive transcript above to jump the player to any line.
The Arab Emirates has quit the oil producing group of countries OPEC after 60 years as a member. It's a major setback to the oil cartel and its powerhouse Saudi Arabia as OPEC's third biggest producer, the UAE's Exit, could shake up international oil markets further and weaken the group's grip during an already major supply crisis. The U.S. President has accused the organization of ripping off the rest of the world by inflating oil prices.
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