This sudden decision by the UAE follows weeks of the Gulf nation being targeted by Iranian missile and drone attacks. Furthermore, Tehran's blockade of the Strait of Hormuz has severely limited the UAE's oil export capacity, posing a significant threat to the country's economic foundation.

The UAE Ministry of Energy confirmed the move, stating, "This decision follows a comprehensive review of the UAE's production policy, as well as its current and future capabilities, based on national interests and a commitment to meeting urgent market demands."

As of February, the UAE ranked as OPEC's third-largest oil producer, trailing only Saudi Arabia and Iraq. The nation became a member of OPEC in 1967, seven years after the organization's establishment.

By Ha Thu, citing CNBC and Reuters