Arab Finance: The UAE announced on April 28th that it would withdraw from the Organization of the Petroleum Exporting Countries (OPEC) and the broader OPEC+ alliance, effective Friday, May 1st.
The move reflects the UAE’s long-term strategic and economic vision and its evolving energy profile, including accelerated investment in domestic energy production.
It added that the decision underscores the country’s commitment to playing a responsible and forward-looking role in global energy markets.
The decision follows a comprehensive review of the UAE’s production policy, as well as its current and future capacity, and is based on national interest and a commitment to helping meet global market needs, according to the statement.
The UAE joined OPEC in 1967 through the Emirate of Abu Dhabi and maintained its membership after the formation of the federation in 1971. It has since played an active role in supporting oil market stability and fostering dialogue among producing nations.
OPEC+ comprises OPEC members and more than 10 non-OPEC oil-producing nations, including Russia.
