Abu Dhabi (Web Desk): The Organization of the Petroleum Exporting Countries (OPEC) and OPEC+ are set to lose a key member after the United Arab Emirates (UAE) formally announced its decision to withdraw from both oil-producing alliances. According to the Emirati state news agency, the decision will take effect from May 1.
In an official statement, UAE authorities said the move was taken in line with the country’s national interests, long-term economic strategy, and plans to further expand investment in the energy sector.
The government stated that it aims to make independent decisions regarding oil production and exports in accordance with its own economic priorities and future development goals.
Officials also pointed to the growing tensions in the Gulf region, particularly around the Strait of Hormuz, as well as concerns over possible disruptions to global supply chains.
They said the increasing uncertainty in international energy markets has highlighted the need for the UAE to adopt a more autonomous and flexible energy policy.
The announcement is being viewed as a significant development for global oil markets, as the UAE has long been considered one of the influential producers within the OPEC and OPEC+ framework.
Analysts believe the decision could have implications for future oil production coordination and market stability amid ongoing geopolitical tensions in the region.