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The Gulf government has long complained about the group's quotas, which officials believe unfairly limited its exports. Its departure is expected to weaken OPEC's influence.
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The group of oil-producing countries supplied more than 25 percent of the world's oil before the war in Iran. Its members have influenced energy markets through the years.
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Oil prices rose as investors parsed fresh signals from U.S.-Iran negotiations, with uncertainty over a potential de-escalation keeping markets on edge.
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Investors parsed reports that President Trump told advisers that he was not satisfied with Iran's latest proposal to reopen the Strait of Hormuz.
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