UAE's Decision to Exit OPEC is a "Sovereign" Choice

Dubai (ANTARA) - Afra Mahash Al Hameli, Director of Communication at the United Arab Emirates (UAE) Ministry of Foreign Affairs, stated on Tuesday (28/4) that her country’s decision to exit the Organization of the Petroleum Exporting Countries (OPEC) is a “sovereign and strategic” choice. According to Al Hameli, UAE is also considering its long-term economic vision. “The UAE’s decision to leave OPEC is a sovereign and strategic choice based on this country’s long-term economic vision,” Al Hameli said via a post on social media platform X. She stated that this step will give UAE greater flexibility in utilising its energy capacity, strengthen national development, enhance market confidence, and support global energy stability. Earlier on the same Tuesday, UAE announced it would withdraw from OPEC and its broader alliance, OPEC+, effective from 1 May, thereby removing the third-largest producer from the organisation and further weakening the cartel’s influence over global oil supply and prices. Analysts estimate that with UAE’s exit, OPEC will lose around 15 per cent of its capacity. Al Hameli said UAE will continue to work closely with partners, deepen bilateral and multilateral cooperation, and contribute to a stable and well-functioning market after leaving the group. Later on the same day, UAE’s Minister of Industry and CEO of Abu Dhabi National Oil Company (ADNOC), Sultan Ahmed Al Jaber, met with Qatar’s Minister of State for Energy Affairs and CEO of QatarEnergy, Saad Sherida Al Kaabi, in Qatar. In the meeting, the two reviewed bilateral relations and energy cooperation between UAE and Qatar, as well as ways to further strengthen ties, according to a post by ADNOC on social media. Qatar left OPEC in 2019, a move widely seen at the time as a protest against the Saudi-dominated organisation. OPEC was founded in 1960 by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela to coordinate production policies and protect the interests of major oil exporters by ensuring stable revenues for its members. UAE joined OPEC in 1967, and its departure will leave the group with 11 members. Its broader alliance, OPEC+, includes an additional 10 non-OPEC producers.