ABU DHABI: The United Arab Emirates on Tuesday announced to withdraw from the Organisation of the Petroleum Exporting Countries (OPEC and OPEC+), from next month.
This decision has been taken after a comprehensive review of the UAE’s production policy and its current and future capacity, according to the UAE official news agency WAM.
It said the decision is based on the UAE’s national interest and its commitment to effectively contribute to the global oil market.
It added that the disruptions in the Arabian Gulf and the Strait of Hormuz have continued to affect global oil supply, stressing the need for sustained growth in global energy demand over the medium to long term.
The UAE became a member of OPEC in 1967 through the Emirate of Abu Dhabi, and it maintained its membership after the formation of the United Arab Emirates in 1971.
Since then, the country has remained an active participant in the organisation, contributing to efforts aimed at supporting stability in global oil markets and fostering cooperation among oil-producing nations.
Following its exit, the country stated that it will remain a responsible supplier, bringing additional production to the market in a gradual and measured way, in line with global demand and prevailing market conditions.
Officials emphasised that this decision does not change the UAE’s commitment to global market stability or its cooperative approach with both producers and consumers.
Instead, it is intended to enhance flexibility in responding to evolving energy market needs.
The UAE also expressed appreciation for the work of both OPEC and the OPEC+ alliance, noting that it has made meaningful contributions during its membership.
Moving forward, it said its focus will be guided by national interests and its commitments to investors, customers, partners, and global energy markets.
