The United Arab Emirates announced on Tuesday that it will leave the Organization of the Petroleum Exporting Countries (Opec) and the wider Opec+ alliance effective May 1, a move that signals a push for greater control over its production strategy.
The decision followed “a comprehensive review” of the country’s production policy and capacity, the Ministry of Infrastructure said in a statement, adding that it was based on national interests and a commitment to help meet global market demand.
“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 ministry said.
The UAE was Opec’s third-largest producer in February, behind Saudi Arabia and Iraq. It joined the group in 1967, seven years after its founding.
More to follow …
