Abu dhabi: The United Arab Emirates (UAE) announced its decision to exit the Organization of the Petroleum Exporting Countries (OPEC) and OPEC+, effective May 1.
According to Qatar News Agency, this decision reflects the UAE's long-term strategic and economic vision and evolving energy profile, including accelerated investment in domestic energy production. It reinforces the country's commitment to a responsible, reliable, and forward-looking role in global energy markets.
The announcement follows a comprehensive review of the UAE's production policy and its current and future capacity. The decision is based on the UAE's national interest and its 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, the agency added.
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. The UAE will continue working with partners to develop resources, supporting economic growth and diversification.