U.A.E. quits OPEC. Here’s what it means for the oil prices and the economy.

the united arab emirates said tuesday it's leaving opec, a sign the cartel's ability to control global oil supply and prices is weakening. the u.a.e. is one of opec's larger producers, pumping roughly 3 million barrels a day. its departure follows months of tension with saudi arabia, the group's de facto leader, over production quotas — the u.a.e. wanted permission to pump more, but saudi arabia resisted. the split doesn't immediately change oil output, but it removes a key voice from the group's internal negotiations. brent crude was trading around $84 a barrel before the announcement.