UAE withdraws from OPEC and OPEC+, effective May 1
Shafaq News- Abu Dhabi
The United Arab Emirates announced Tuesday its decision to withdraw from OPEC and the OPEC+ effective May 1, citing the country's evolving energy profile and long-term economic strategy.
According to a statement issued by UAE authorities, the decision follows a comprehensive review of the country's production policy, current output capacity, and projected future capacity. The UAE said the move is grounded in national interest and in the country's commitment to meeting what it called the market's pressing needs. Under the OPEC+ framework, members have coordinated production cuts since 2016 to stabilize global oil prices, an arrangement the UAE will no longer be bound by as of next week.
The UAE joined OPEC in 1967 through the Emirate of Abu Dhabi —before the federation's formal establishment in 197 — and has since been one of the group's most consequential members, producing approximately 3.2 to 3.5 million barrels of crude oil per day.
The Emirati authorities said the country would continue bringing additional production to market "in a gradual and measured manner," guided by demand and market conditions, and reaffirmed that its exit does not alter its commitment to global market stability.
