The United Arab Emirates says quitting the Opec and Opec+ groups of major oil producing nations will provide more flexibility. The move is being seen as a blow to the groups' de facto leader Saudi Arabia.

The United Arab Emirates announced Tuesday that it will leave OPEC effective May 1, stripping the oil cartel of one of its largest producers. While the announcement doesn’t change anything regarding the blockage of the Strait of Hormuz,

The Arab oil producer has long expressed frustration with the quotas it has to follow as part of OPEC, the cartel of major state-owned oil producers.

The abrupt decision by the UAE—which has been a member of OPEC for six decades—reflects an intensified rivalry with Saudi Arabia and current pressures from the Iran war on Gul

The United Arab Emirates will withdraw from the Organization of the Petroleum Exporting Countries (OPEC) this week, the UAE’s state news agency reports, as the Iran war roils global energy markets. Follow for live updates.

The UAE said it decided leaving OPEC was in its national interest after reviewing its production policy and capacity.

The United Arab Emirates has announced it will leave OPEC and the OPEC+ group, effective May 1. Analysts say this could lead to more volatility in the global oil market,

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