According to CNBC, the UAE wants to ramp up production without constraints from OPEC, which could prove bearish for prices at some point.
The United Arab Emirates announced its exit from the Organization of the Petroleum Exporting Countries (OPEC), a move that could diminish the cartel's control over oil markets and potentially lead to lower prices in the long term.
The decision, effective May 1, follows a review of the UAE's production policy and its future capacity, according to reports.
The move also raises questions about the balance of power within the group, particularly with Saudi Arabia, which has long been a dominant force in OPEC.