As of May 1, the United Arab Emirates will no longer be a member of the Organization of the Petroleum Exporting Countries (OPEC), an alliance of 12 nations, or OPEC+, an alliance with Russia and nine other non-members that manage the prices of crude oil worldwide. The UAE was the group’s fourth largest oil producer, producing about 3.1 million barrels a day, and its departure will likely weaken the amount of influence OPEC has over global oil supplies.

Since OPEC maintains quotas on how much oil it should produce, countries that would like to produce more, like the UAE, can’t. And while the decision to pull out of OPEC was unexpected for many, especially considering the increasing crisis for oil as a result of the current Iran War, the move also wasn’t surprising. The UAE has long expressed a desire to quit OPEC and finally made the decision, announcing on April 28 that the nation would leave the group.

UAE Energy Minister Suhail Mohamed al-Mazrouei stated, in an interview with Reuters, that the decision came “after a careful look at current and future policies related to level of production.” He continued by expressing how the world will continue to need more oil and alluded to the fact that the UAE would be willing to meet those demands. Since the country’s exit, no immediate changes in oil prices have been observed, largely due to the continuing blockade of the Strait of Hormuz; however, increased production from the UAE could provide reduced oil prices to the world.