The United Arab Emirates' exit from the Saudi-dominated OPEC was not aimed at any specific country, but is instead part of a wider strategy

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,

The United Arab Emirates (UAE) announced on Tuesday that it is withdrawing from the Organization of the Petroleum Exporting Countries (OPEC).

The UAE wants to ramp up production without constraints from OPEC, which could prove bearish for prices at some point.

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.

After bearing the brunt of Iran’s counterattack, the financial powerhouse is strengthening ties with Israel and challenging Saudi Arabia.

Saudi Arabia, Russia and five other OPEC+ countries increased their oil production quota on Sunday in an expected move aimed at demonstrating continuity at the cartel after the shock withdrawal