UAE announces exit from OPEC, shaking oil cartel

The United Arab Emirates (UAE) has announced it will leave the Organization of the Petroleum Exporting Countries (OPEC) on May 1. The move is seen as a major blow to the oil cartel, which has been dominated by Saudi Arabia. The UAE's decision follows a long-running dispute over production quotas, as the country wants to pump more oil to make use of its growing capacity.

Analysts say the exit could weaken OPEC's influence and mark the beginning of the end for the group. The UAE, one of OPEC's largest producers, has increasingly seen its interests diverge from Saudi Arabia's. The split may also affect global oil markets and future production agreements.