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The United Arab Emirates (UAE) has said it is quitting the OPEC and OPEC+ groups of major oil producing nations after nearly 60 years.
According to BBC and Reuters, the decision is being considered as 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.
The UAE said the decision reflected its "long-term strategic and economic vision and evolving energy profile".
The decision is seen as a blow to the cartel with one analyst describing the exit as "the beginning of ther end of Opec".
The Gulf state's energy minister said being a country with no obligation under the groups would provide more flexibility.
The UAE joined Opec in 1967 and its departure will leave the oil cartel with 11 members.