India, April 29 -- Two months into the ongoing war in West Asia, the geo-economic churn has led to an outcome that wasn't expected. On Tuesday, the UAE announced its exit from the Organisation of Petroleum Exporting Countries (OPEC), perhaps the world's most significant economic cartel, which produces and exports around one-third and half of global crude oil. Numbers are larger if one considers the extended club of OPEC+ countries.

UAE's exit from OPEC matters because it directly challenges the quasi-controlling status of its bigger neighbour Saudi Arabia, in deciding oil production and, consequently, prices. UAE has had past differences with the Saudis over production quotas and has been eyeing a higher production. The disruption from t...