The United Arab Emirates said Tuesday 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.

Also, Russia has accused Ukraine of destabilising global energy markets after renewed drone strikes caused a huge fire at an oil refinery in the Black Sea port of Tuapse. At least 15 people have been killed and dozens more injured after a long distance train smashed into a stationary commuter train outside the Indonesian capital Jakarta.

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 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.

Robin Mills, CEO of Qamar Energy explains the reasons behind the UAE’S unexpected announcement that it is leaving OPEC.

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 United Arab Emirates has announced plans to leave the world’s leading oil exporters group, the Organization of the Petroleum Exporting Countries (OPEC) and OPEC+, on May 1. The abrupt decision by the Gulf state – 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 Gulf countries exporting oil.

The Gulf state said the move would help it meet changing demand but analysts see as a heavy blow to the organization.