In a statement posted on its X page recently, which was translated from Arabic, the United Arab Emirates (UAE) Ministry of Energy and Infrastructure announced that the country has made a decision to withdraw from OPEC and OPEC+, effective May 1.
“This decision aligns with the United Arab Emirates’ long-term strategic and economic vision and the evolution of its energy sector, including accelerating investment in domestic energy production, while reinforcing its commitment to its role as a responsible and reliable producer looking ahead to the future of global energy markets,” the statement noted.
“This decision comes following a thorough review of the United Arab Emirates’ production policy and its current and future capabilities, and in light of what national interests require and the state’s commitment to contributing effectively to meeting the market’s pressing needs, while geopolitical fluctuations continue in the near term through disruptions in the Arabian Gulf and the Strait of Hormuz, which affect supply dynamics, as fundamental trends point to the continued growth of global energy demand in the medium and long term,” it added.
The statement noted that the UAE’s decision to withdraw from OPEC and OPEC+ “comes after decades of constructive cooperation, as the UAE joined OPEC in 1967 through the Emirate of Abu Dhabi, and continued its membership after the establishment of the United Arab Emirates in 1971”.
