Marc Filippino

The decision underlines long-running frustrations over production and simmering geopolitical tensions.

So what does this mean for the future of the UAE and the future of OPEC?

Andrew England is the FT's Middle East editor.

He joins me now to discuss.

Hi, Andrew.

Hi.

So how big of a deal is this?

Yeah, tell me a little bit more about what the exit might mean for OPEC.

Is it right to say that maybe OPEC needed the UAE more than the UAE needed OPEC?

I guess, where does the UAE go from here?

The OEA has not been the only one who's been upset with the way that OPEC has been run regarding production curbs.

Do you think that them leaving will set off a chain reaction causing other countries to leave the group?

Andrew England is the FT's Middle East editor.

Thanks, Andrew.

Thanks.

The war in Iran isn't beating down emerging markets anymore.

In fact, the case has been just the opposite.

EM stocks are soaring, and the MSCI Emerging Market Index has hit a record high.

Now, emerging markets did get hit at the beginning of the Middle East conflict, but the index has climbed 15% in April so far and is now even outpacing the S&P 500.

Semiconductors are to thank for the bounce back in EM stocks.