The United Arab Emirates has announced plans to leave the world’s leading oil exporters group, the Organization of the Petroleum Exporting Countries (OPEC) and OPEC+, on May 1. The abrupt decision by the Gulf state – which has been a member of OPEC for six decades – reflects an intensified rivalry with Saudi Arabia and current pressures from the Iran war on Gulf countries exporting oil.

The United Arab Emirates will withdraw from the Organization of the Petroleum Exporting Countries (OPEC) this week, the UAE’s state news agency reports, as the Iran war roils global energy markets. Follow for live updates.

The Gulf state said the move would help it meet changing demand but analysts see as a heavy blow to the organization.

The United Arab Emirates announced Tuesday that it will leave OPEC effective May 1, stripping the oil cartel of one of its largest producers and further weakening its leverage over global oil supplies and prices.

Perspective: The UAE has chosen a path of independence and setting its own policy free from the demands of OPEC.

Oil futures extend their rally following news that the United Arab Emirates will leave OPEC and OPEC+ effective May 1. The UAE says the decision reflects its long-term strategic and economic vision and evolving energy profile,

The move represents a big win for Trump, who has accused the organization of "ripping off the rest of the world."

U.S. crude oil surpassed $100 per barrel for the first time since April 10 after Iran talks stumbled and the United Arab Emirates said it would leave OPEC.