New Delhi, April 29 -- The decision by the United Arab Emirates to leave the OPEC oil cartel shook up the 65-year-old alliance that produces some 40% of the world's crude oil and exerts major influence over the price of energy around the globe.

The UAE said in the announcement Tuesday that when it leaves OPEC this Friday, it plans to carry on with its long-held goal of increasing crude production "in a gradual and measured manner, aligned with demand and market conditions."

Right now, that's academic as far as oil prices go, since Iran is still blocking the Strait of Hormuz, which means much of the oil from Persian Gulf producers such as the UAE cannot be exported. But the departure could have long-term effects on oil prices.

Here's wh...