DUBAI, 16 May (Reuters) – The United Arab Emirates’ decision to withdraw from OPEC and OPEC+ was a sovereign and strategic choice based on a comprehensive assessment of its production policy and future capabilities, said United Arab Emirates Energy Minister Suhail Al Mazrouei this Saturday in a post on X.
Mazrouei added that the move was not politically motivated and did not reflect divisions with partners.
The United Arab Emirates announced in late April that it would leave OPEC on May 1, dealing a blow to the group of oil producers as an unprecedented energy crisis caused by the Iran war exposes discord among Gulf nations.
‘This is not motivated by political considerations, nor does it reflect any division between the UAE and its partners,’ Mazrouei added.
The departure of the United Arab Emirates – one of the group’s biggest producers – weakens OPEC’s control over global oil supplies and widens the divide between the UAE and its neighbor Saudi Arabia, which is effectively the leader of the Organization of the Petroleum Exporting Countries.
