The United Arab Emirates (UAE) has said it is quitting the Opec and Opec+ groups of major oil producing nations after nearly 60 years.

The UAE said the decision reflected its "long-term strategic and economic vision and evolving energy profile".

The decision is seen as a blow to the cartel with one analyst describing the exit as "the beginning of the end of Opec".

The Gulf state's energy minister said being a country with no obligation under the groups would provide more flexibility.

The UAE joined Opec in 1967 and its departure will leave the oil cartel with 11 members.

Saul Kavonic, head of energy research at MST Financial, said it was "the beginning of the end of Opec".

"With the UAE leaving, Opec loses about 15% of its capacity and one of its most compliant members."

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