The United Arab Emirates has announced its decision to exit OPEC, effective May 1.
The move follows a comprehensive review of the country's production policy and its current and future capacity.
The UAE stated that the decision is in line with its national interest and its commitment to addressing the market's pressing needs.
The UAE's departure from OPEC is expected to have implications for global oil markets.
As a key member of the cartel, the UAE's exit could affect OPEC's ability to coordinate production levels and influence oil prices.
Analysts are watching closely to see how this development will impact the group's strategy and the broader energy landscape.