The United Arab Emirates announced that it will leave OPEC effective May 1, stripping the oil cartel of one of its largest producers and further weakening its leverage over global oil supplies and prices.

The United Arab Emirates will leave a decades-old cartel of the world’s top oil exporters, delivering a major blow to the group and its de facto leader, Saudi Arabia, amid unprecedented turmoil in global energy markets caused by the Iran war.

The Gulf government has long complained about the group’s quotas, which officials believe unfairly limited its exports.

The United Arab Emirates said on Tuesday it was quitting OPEC and OPEC+, dealing a heavy blow to ​the oil exporting groups and their de facto leader, Saudi Arabia, at a time ‌when the Iran war has caused a historic energy shock and unsettled the global economy.

The UAE’s announcement that it will quit OPEC is a blow to the cartel, which has struggled in recent years to maintain unity.

The United Arab Emirates ⁠said ⁠on Tuesday it quit OPEC ⁠and OPEC+, dealing a heavy blow to the oil exporting ​groups and their de facto leader, Saudi Arabia, at a time when the Iran ‌war has caused a historic ‌energy shock and unsettled the global economy.

The United Arab Emirates said on Tuesday it is exiting OPEC and the broader OPEC+ as of May 1, marking a major loss for the oil-producing bloc as global energy markets remain volatile in light of the Iran war.

The United Arab Emirates said on Tuesday it was quitting oil-producers' group OPEC, as an unprecedented energy crisis triggered by the Iran war exposes discord among Gulf nations.