The authorities of the United Arab Emirates (UAE) have officially announced their withdrawal from the Organization of the Petroleum Exporting Countries (OPEC) and the OPEC+ agreement regulating production volumes, reports Todayinfo citing Khaleej Times.
The decision was made as part of a long-term state strategy and economic vision, and aligns with the policy of developing the energy sector. The government plans to focus on investing in energy production.
The official statement emphasizes that the UAE remains a reliable supplier of energy resources, oriented towards the future of global markets. The withdrawal from OPEC and OPEC+ will allow the country to better meet market needs, which have been significantly affected by the situation in the Middle East, particularly the closure of the Strait of Hormuz.
The UAE had been a member of OPEC since 1967 (initially as the Emirate of Abu Dhabi) and continued its membership after gaining full independence in 1971. Recently, the country ranked third in production volume among the 12 OPEC members, with a share of 3.9%. The UAE joined the OPEC+ agreement in 2016.
The previous OPEC member to voluntarily leave the organization was Qatar. In 2018, Qatar explained its decision by its desire to focus on gas production and sales.
