UAE announces withdrawal from OPEC and OPEC+ effective May 1
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Güneşli
13 oC
Güneşli
The United Arab Emirates (UAE) has announced that it will withdraw from the Organization of the Petroleum Exporting Countries (OPEC) and the OPEC+ alliance starting May 1.
In a statement, the UAE Ministry of Energy and Infrastructure said the decision was taken in line with the country’s long-term strategic and economic vision, as well as its evolving energy profile.
The ministry noted that despite the withdrawal, the UAE will continue to introduce additional oil production to the market in a gradual and measured manner, aligned with global demand and prevailing market conditions.
The UAE originally joined OPEC in 1967 through the Emirate of Abu Dhabi and maintained its membership following the formation of the federation in 1971, contributing actively to efforts aimed at stabilizing global oil markets.
Officials emphasized that the decision does not signal a shift away from the UAE’s commitment to market stability or cooperation between producers and consumers. Rather, it is intended to enhance the country’s ability to respond more flexibly to changing market dynamics.
The statement added that the UAE’s production policies will continue to be guided by principles of responsibility and market balance, taking into account global supply and demand conditions. (ILKHA)
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