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The United Arab Emirates (UAE) will withdraw from the Organization of the Petroleum Exporting Countries (OPEC) and the broader OPEC+ alliance, effective May 1.
The decision reflects the UAE’s long-term strategic and economic vision in developing its energy profile, including accelerating investment in domestic energy production, local Dubai media reported.
The report states that this is a follow-up to a comprehensive review of the UAE’s production policies and its current and future capacity.
“This will be based on the UAE’s national interests and commitment to contribute effectively to meeting urgent market needs,” the report added.
The UAE will continue to act as a responsible and reliable energy supplier, bringing additional production to the market in a gradual and measured manner according to demand and market conditions.
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Emirates also reaffirmed its commitment to investing across the energy value chain, including oil and gas, renewable energy and low-carbon solutions, and working with partners to ensure stable global supply.
