The United Arab Emirates said Tuesday it will leave OPEC effective May 1, stripping the oil cartel of its third-largest producer and further weakening its leverage over global oil supplies and prices.

The United Arab Emirates plans to exit the intergovernmental organization, a move expected to boost the country’s oil output.

It's a win for Trump, who once accused the organisation of "ripping off the rest of the world" by inflating oil prices.

Calling it "one of the bigger headlines of the day," Brian Mulberry, chief market strategist at Zacks Investment Management, said the UAE's decision to leave OPEC could help lower oil prices "sooner than later" and alleviate some inflationary pressures.

The United Arab Emirates plans to leave OPEC on May 1 as the war with Iran strains oil markets. 'Perfect storm': Trump berated a female journalist in latest attack — and it's quite telling This is what happens when you drink beer every day,

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 ⁠said on Tuesday it was quitting ⁠OPEC and OPEC+, dealing 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 United Arab Emirates will withdraw from the OPEC and OPEC+ oil cartels to focus on "national interests", it announced on Tuesday, causing fresh shockwaves as energy prices soar over