US president has accused organisation of ‘ripping off the rest of the world’ by inflating oil prices

The United Arab Emirates has quit the Opec oil cartel after 60 years of membership, in a heavy blow to the group and its de facto leader, Saudi Arabia, as global energy markets contend with the biggest supply crisis in history.

The shock loss of the UAE, Opec’s third-largest oil producer, is expected to weaken the group, which for decades has worked together to use its collective oil production to influence global oil market prices.