UAE State Oil Company: "OPEC Withdrawal Was a Decision for National Interest"

"Not Intended to Target Any Specific Country"
Urges Domestic Investment from Private Sector and Sovereign Wealth Funds

The Abu Dhabi National Oil Company (ADNOC), the state-run oil company of the United Arab Emirates (UAE), which withdrew from the Organization of the Petroleum Exporting Countries (OPEC) on May 1 (local time), emphasized that the decision was made in accordance with national interests.

Organization of the Petroleum Exporting Countries (OPEC). Photo by EPA Yonhap News

On May 4, Sultan Al Jaber, CEO of ADNOC, stated, "The decision to realign the UAE's position and withdraw from OPEC was not intended to target any specific country," adding, "It was a decision made in the national interest from a long-term strategic perspective."

There has been analysis suggesting that the UAE's withdrawal from OPEC signals its declaration of an independent energy and security policy, moving away from the influence of Saudi Arabia. In addition, the ongoing civil war in Yemen and the confrontation with Iran have been cited as sources of geopolitical tension between Saudi Arabia and the UAE, leading to perceptions that the two countries have become competitors.

CEO Al Jaber also highlighted that, despite the war in the Middle East, the UAE has demonstrated resilience, and he called for increased domestic investment from the private sector and the UAE's sovereign wealth funds.

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