Shafaq News- Abu Dhabi
The United Arab Emirates announced Tuesday itsdecision to withdraw from OPEC and the OPEC+ effective May 1, citing thecountry's evolving energy profile and long-term economic strategy.
According to a statement issued by UAEauthorities, the decision follows a comprehensive review of the country'sproduction policy, current output capacity, and projected future capacity. TheUAE said the move is grounded in national interest and in the country'scommitment to meeting what it called the market's pressing needs. Under theOPEC+ framework, members have coordinated production cuts since 2016 tostabilize global oil prices, an arrangement the UAE will no longer be bound byas of next week.
The UAE joined OPEC in 1967 through the Emirateof Abu Dhabi —before the federation's formal establishment in 197 — and hassince been one of the group's most consequential members, producingapproximately 3.2 to 3.5 million barrels of crude oil per day.
The Emirati authorities said the country wouldcontinue bringing additional production to market "in a gradual andmeasured manner," guided by demand and market conditions, and reaffirmedthat its exit does not alter its commitment to global market stability.