The United Arab Emirates on Tuesday announced that it will exit the Organisation of the Petroleum Exporting Countries (OPEC) and OPEC+ with effect from May 1. The move comes at a time when the Iran war has triggered a historic energy shock and unsettled the global economy,
The decision was announced through the country’s state-run WAM news agency, which said the move aligns with the UAE’s long-term strategic and economic priorities.
In a statement, the UAE said the step reflects its “evolving energy profile” and increased focus on expanding domestic energy production, while maintaining a “responsible and reliable role” in global energy markets.
“This decision reflects the UAE’s long-term strategic and economic vision and evolving energy profile, including accelerated investment in domestic energy production, and reinforces its commitment to a responsible, reliable, and forward-looking role in global energy markets,” the UAE said.
“Following its exit, the UAE will continue to act responsibly, bringing additional production to market in a gradual and measured manner, aligned with demand and market conditions,” the country added.
The development comes amid growing differences between the UAE and Saudi Arabia on several economic and geopolitical issues, including their positions in the Yemen conflict involving Iran-backed Houthi rebels.