The United Arab Emirates announced Tuesday it would leave OPEC and OPEC+ effective May 1. OPEC, or the Organization of the Petroleum Exporting Countries, sets oil production targets to manage global supply and prices. The UAE's exit comes after rumors of the country leaving due to oil production quotas that are too low, according to the Associated Press.The exit also comes as rising global oil prices have contributed to record surges in gas prices, jet fuel and more in the U.S.Without a cap on oil production, the UAE could increase production and assist with lower oil prices after the war in Iran, the AP reports, but could increase market volatility.OPEC was founded in 1960 with five countries: Iran, Kuwait, Saudi Arabia and Venezuela. The move, effective May 1, brings the total number of active member countries to 11. The larger OPEC+ was formed with OPEC countries as well as 10 non-OPEC countries in 2016. Russia, one of the top oil producers, was among the non-OPEC countries to join the broader agreement in 2016 as oil prices fell. OPEC countries made up about 36% of the world's oil production in 2024, with the UAE included. When including OPEC+ countries too, both made up about 56% of the world's oil production, according to the latest data published in 2024 by OPEC.The UAE produces about 4% of the world's crude oil. After it exits effective May 1, OPEC and OPEC+ will make up about 52% of the world's oil production.PHNjcmlwdCB0eXBlPSJ0ZXh0L2phdmFzY3JpcHQiPiFmdW5jdGlvbigpeyJ1c2Ugc3RyaWN0Ijt3aW5kb3cuYWRkRXZlbnRMaXN0ZW5lcigibWVzc2FnZSIsKGZ1bmN0aW9uKGUpe2lmKHZvaWQgMCE9PWUuZGF0YVsiZGF0YXdyYXBwZXItaGVpZ2h0Il0pe3ZhciB0PWRvY3VtZW50LnF1ZXJ5U2VsZWN0b3JBbGwoImlmcmFtZSIpO2Zvcih2YXIgYSBpbiBlLmRhdGFbImRhdGF3cmFwcGVyLWhlaWdodCJdKWZvcih2YXIgcj0wO3I8dC5sZW5ndGg7cisrKXtpZih0W3JdLmNvbnRlbnRXaW5kb3c9PT1lLnNvdXJjZSl0W3JdLnN0eWxlLmhlaWdodD1lLmRhdGFbImRhdGF3cmFwcGVyLWhlaWdodCJdW2FdKyJweCJ9fX0pKX0oKTs8L3NjcmlwdD4=