In this clip Dr Frans Cronje explains the history of OPEC and the recent developments surrounding the global oil cartel. He traces the story of OPEC from its founding in 1960, to the 1973 oil crisis and its subsequent domination of the international oil trade. He then explains why the United Arab Emirates has decided to leave OPEC and pivot towards the United States in order to circumvent the challenges posed by the strait of Hormuz. He ends by explaining the significance of this shift in the balance of power of the global energy market.