Why Is the UAE Leaving OPEC? And What Is OPEC Anyway? (English Vocabulary Lesson)

The United Arab Emirates has announced that it is leaving OPEC (the Organization of the Petroleum Exporting Countries) after almost sixty years as a member. Why does this matter? Well, oil is still one of the most important resources in the world. The price of oil affects how much we pay for petrol, the cost of transporting food, airline tickets, electricity, and much more. When oil prices rise, the economy is also affected. OPEC is one of the most powerful organisations influencing oil prices. For decades, this group of oil-producing countries has worked together to...