The United Arab Emirates (UAE) has announced plans to withdraw from OPEC and OPEC+, citing national interest and a shift in its long-term energy strategy, in a move expected to send ripples through global oil markets.
Gatekeepers News reports that the surprise announcement, made Tuesday in a statement carried by the official WAM news agency, said the UAE will formally exit the oil alliances on Friday.
“This decision reflects the UAE’s long-term strategic and economic vision and evolving energy profile,” the statement said.
“During our time in the organisation, we made significant contributions and even greater sacrifices for the benefit of all.
“However, the time has come to focus our efforts on what our national interest dictates.”
The development comes as energy prices climb amid escalating tensions in the Middle East, including Iran’s blockade of the Strait of Hormuz — a critical shipping route that carries about one-fifth of the world’s oil and passes by the UAE.
The UAE, one of the world’s leading oil producers, has in the past raised concerns over OPEC production quotas and has had a strained relationship with Saudi Arabia, the bloc’s dominant force and the world’s largest oil exporter.
UAE Energy Minister Suhail Mohamed al-Mazrouei told Reuters the decision followed a careful review of the country’s present and future energy strategies.
“This is a policy decision, it has been done after a careful look at current and future policies related to level of production,” he said.
Asked whether the UAE consulted Saudi Arabia before the move, the minister said the country did not raise the issue with any other state.
The decision also follows criticism by UAE officials over what they described as insufficient support from fellow Arab states in responding to repeated Iranian attacks during the war.
Anwar Gargash, diplomatic adviser to the UAE president, had on Monday faulted the Arab and Gulf response to the attacks while speaking at the Gulf Influencers Forum.
