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.

DUBAI, United Arab Emirates (AP) — The United Arab Emirates said Tuesday it will leave OPEC effective May 1, stripping the oil cartel of its third-largest producer and further weakening its leverage over global oil supplies and prices.

The UAE's decision had been rumored as a possibility for some time, as it pushed back in recent years against OPEC production quotas it felt had been too low — meaning it wasn't able to sell as much oil to the world as it had wanted.

The UAE says it is leaving the Opec and Opec+ groups of major oil producing nations.

The Gulf government has long complained about the group’s quotas, which officials believe unfairly limited its exports. Its departure is expected to weaken OPEC’s influence.

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The exit of the United Arab Emirates is the most significant in a series of departures from the oil cartel in recent years.