The United Arab Emirates on Tuesday announced that it will exit the Organisation of the Petroleum Exporting Countries (OPEC) and OPEC+ with effect from May 1. The move comes at a time when the Iran war has triggered a historic energy shock and unsettled the global economy.
The decision was announced through the country’s state-run WAM news agency, which said the move aligns with the UAE’s long-term strategic and economic priorities.
In a statement, the UAE said the step reflects its “evolving energy profile” and increased focus on expanding domestic energy production, while maintaining a “responsible and reliable role” in global energy markets.
“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,” the UAE said.
“Following its exit, the UAE will continue to act responsibly, bringing additional production to market in a gradual and measured manner, aligned with demand and market conditions,” the country added.
The UAE’s decision to exit from OPEC reflects a policy-driven evolution aligned with long-term market fundamentals. We thank OPEC and its member countries for decades of constructive cooperation. We remain committed to energy security, providing reliable, responsible, and…
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The development comes amid growing differences between the UAE and Saudi Arabia on several economic and geopolitical issues, including their positions in the Yemen conflict involving Iran-backed Houthi rebels.