UAE to Leave OPEC and OPEC+ Starting May 1st

UAE

The United Arab Emirates (UAE) announced its decision to exit the Organization of the Petroleum Exporting Countries (OPEC) and OPEC+, effective May 1.

This decision reflects the UAE's long-term strategic and economic vision and evolving energy profile, including accelerated investment in domestic energy production, and reinforces its commitment to a responsible, reliable, and forward-looking role in global energy markets, according to Emirates News Agency (WAM).

It added that the decision follows a comprehensive review of the UAE's production policy and its current and future capacity and is based on its national interest and commitment to contributing effectively to meeting the market's pressing needs.

While near-term volatility, including disruptions in the Arabian Gulf and the Strait of Hormuz, continues to affect supply dynamics, underlying trends point to sustained growth in global energy demand over the medium to long term, WAM continued.

Following its exit, the UAE will continue to bring additional production to the market in a gradual and measured manner, aligned with demand and market conditions, said WAM. The UAE will continue working with partners to develop resources, supporting economic growth and diversification.

(QNA)