The UAE has been a member of the oil cartel since the country was founded in 1971, but in recent years, it has grown frustrated with OPEC quotas to produce less in order to keep prices high enough to appease Saudi Arabia,

The United Arab Emirates will leave OPEC effective Friday, stripping the oil cartel of its third-largest producer and further weakening its leverage over global oil supplies and prices.

The announcement came days after the United Arab Emirates withdrew from the group. The higher output will have little effect on global supplies.

The United Arab Emirates - a leading producer of crude oil - has decided to quit the Organization of Petroleum Exporting Countries. Here's why and what may happen next.

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 decision by the United Arab Emirates to leave the OPEC oil cartel has shaken up the 65-year-old alliance that produces some 40% of the world’s crude oil and exerts major influence over the price of energy around the globe.

President Donald Trump, a longtime critic of the Organization of the Petroleum Exporting Countries (OPEC), who has accused the group of "ripping off the rest of the world,” on Wednesday praised the United Arab Emirates’ plan to leave the alliance by the end of the month and said he thinks it will ultimately lower the price of oil.

By Andrew Mills, Rachna Uppal and Federico Maccioni Abu Dhabi, April 29 (Reuters) - The United Arab Emirates' withdrawal from OPEC weakens the group's control over global oil markets and potentially risks widening a rift with Gulf neighbour Saudi Arabia,

The group of oil-producing countries supplied more than 25 percent of the world’s oil before the war in Iran. Its members have influenced energy markets through the years.