UAE says it will leave OPEC effective May 1

AP
People stand outside the building headquarters of OPEC (Organization of The Petroleum Exporting Countries) in Vienna, Austria on May 28, 2025, as Ministers of the OPEC+ oil alliance, led by Saudi Arabia and Russia, hold talks online.People stand outside the building headquarters of OPEC (Organization of The Petroleum Exporting Countries) in Vienna, Austria on May 28, 2025, as Ministers of the OPEC+ oil alliance, led by Saudi Arabia and Russia, hold talks online. (FILE/AFP)
Short Url

https://arab.news/5snru

  • The UAE made the announcement on Tuesday via its state-run WAM news agency
  • The UAE said that “this decision reflects the UAE’s long-term strategic and economic vision and evolving energy profile.”

DUBAI: The United Arab Emirates announced Tuesday that it will leave the oil cartel OPEC effective May 1.

The UAE made the announcement via its state-run WAM news agency.

“This decision reflects the UAE’s long-term strategic and economic vision and evolving energy profile, including accelerated investment in domestic energy production, and reinforces its commitment to a responsible, reliable, and forward-looking role in global energy markets,” the UAE said.

It added that the decision “follows a comprehensive review of the UAE’s production policy and its current and future capacity and is based on (the country’s) national interest and commitment to contributing effectively to meeting the market’s pressing needs.”

The statement continued to say that the decision reflected a policy-driven evolution in the UAE’s approach, “enhancing flexibility to respond to market dynamics while continuing to contribute to stability in a measured and responsible manner.”

It added that following its withdrawal from the group, “the UAE will continue to act responsibly, bringing additional production to market in a gradual and measured manner, aligned with demand and market conditions.”

Topics: OPEC UAE