UAE Announces Sudden Withdrawal from OPEC and OPEC+

UAE Signals Increase in Oil Production

UAE. AFP Yonhap News

The United Arab Emirates (UAE) has decided to withdraw from the Organization of the Petroleum Exporting Countries (OPEC) and OPEC+, the group of major oil-producing countries.

On April 28 (local time), the UAE government announced through state-run WAM news agency that "this decision reflects changes in our energy mix, including the acceleration of investments in domestic energy production, as well as the UAE's long-term strategy and economic vision." The government declared that it will leave OPEC+ effective June 1.

The UAE government explained, "This further strengthens our commitment to play a responsible, reliable, and future-oriented role in the global energy market."

After its withdrawal, the UAE indicated it would increase crude oil production. Suhail Mohamed Al Mazrouei, UAE Minister of Energy, told foreign media, "By withdrawing from OPEC and OPEC+, we have gained flexibility by freeing ourselves from the (production) obligations imposed by these groups," adding, "We did not hold any direct consultations regarding the withdrawal with any country, including Saudi Arabia."

The UAE government also emphasized, "Even after the withdrawal, the UAE will continue to act responsibly," and added, "We will supply additional crude oil to the market in a gradual and prudent manner, in line with demand and conditions in the oil market."

This content was produced with the assistance of AI translation services.