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,

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.

The U.A.E. was the “most likely” candidate to leave OPEC, but others may follow.

Seven countries in the OPEC+ grouping of oil-producing countries — including Saudi Arabia and Russia — say they’ve decided to a modest increase in production starting in June as part of a commitment to “market stability.

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.

The UAE said on Tuesday that quitting Opec and the broader Opec+ alliance next month reflects its “long-term economic vision” and desire to speed up investment in energy produ

The decision by the United Arab Emirates to leave the OPEC oil cartel shook up the 65-year-old alliance that produ

May 4 to May 9. UAE TO EXIT FROM OPEC The United Arab Emirates (UAE) says it is quitting the Organization of the Petroleum Exporting Countries (OPEC)