29 Apr UAE Exits OPEC
(Oilandgaspress) -– United Arab Emirates (UAE) has announced its decision to withdraw from the Organization of the Petroleum Exporting Countries (OPEC) and OPEC+ alliance after more than five decades of membership. The decision will take effect on May 1.
The UAE’s departure represents a milestone for the organization. A founding member, the UAE joined OPEC in 1967, four years before the establishment of the nation. Alongside Saudi Arabia and Kuwait, the UAE has played a crucial role in supplying oil from the Middle East, which accounts for 30 percent of global production.
“This decision follows a comprehensive review of the UAE’s production policy and its current and future capacity and is based on our national interest and our commitment to contributing effectively to meeting the market’s pressing needs,” The decision “reflects 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.” UAE state news agency Wam reported.
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