Opec’s third-largest producer earlier this year, the UAE said it would bring additional supply to market ‘responsibly’ after its exit
The United Arab Emirates announced on Tuesday that it will leave the Organization of the Petroleum Exporting Countries (Opec) and the wider Opec+ alliance effective May 1, a move that signals a push for greater control over its production strategy.
The decision followed “a comprehensive review” of the country’s production policy and capacity, the Ministry of Infrastructure said in a statement, adding that it was based on national interests and a commitment to help meet global market demand.
“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,” the ministry said.
The UAE was Opec’s third-largest producer in February, behind Saudi Arabia and Iraq. It joined the group in 1967, seven years after its founding.
Source: News - South China Morning Post
