UAE announces withdrawal from OPEC and OPEC+ effective May 1
13 oC
13 oC
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)
LEGAL WARNING: All rights of the published news, photos and videos are reserved by İlke Haber Ajansı Basın Yayın San. Trade A.Ş. Under no circumstances can all or part of the news, photos and videos be used without a written contract or subscription.
The Ministry of Foreign Affairs of Afghanistan has summoned Pakistan’s Chargé d’Affaires in Kabul to lodge a formal protest over the recent violations of Afghan airspace and aerial bombardments in eastern provinces.
Investigators have uncovered the remains of 117 dogs in various stages of decomposition on the grounds of a purported "no-kill" animal shelter in Northern California, with many of the animals bearing gunshot wounds.
Russian attacks across Ukraine killed at least 15 people and injured at least 118 others over the past 24 hours, regional authorities said on Monday, as a morning strike on the central-eastern city of Dnipro added to the rising death toll.
Five people were killed in a shooting at a youth welfare facility in the northern German town of Stade on Monday, prompting a major police operation and the arrest of two suspects, authorities said. One of those detained is believed to be the gunman.
