UAE Announces it Is Leaving OPEC, OPEC+

The United Arab Emirates said on Tuesday it was quitting OPEC and OPEC+ with the decision going into effect on May 1. “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,” it said in a statement carried by the WAM state news agency. “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 UAE joined OPEC in 1967 through the Emirate of Abu Dhabi and continued its membership following the formation of the United Arab Emirates in 1971. Throughout this period, the UAE has played an active role in supporting global oil market stability and strengthening dialogue among producing nations,” read the statement. “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.” “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.” “This decision does not alter the UAE’s commitment to global market stability or its approach based on cooperation with producers and consumers. Rather, it enhances the UAE’s ability to respond to evolving market needs.” The UAE “reaffirmed that its production policies will be guided by responsibility and market stability, taking into account global supply and demand.” “It will continue investing across the energy value chain, including oil, gas, renewables, and low-carbon solutions, to support resilience and long-term energy system transformation.”