The United Arab Emirates (UAE) is quitting the OPEC and OPEC+ groups of major oil producing nations next month after nearly 60 years of membership.
The UAE said its decision would help it meet growing global energy demand in the long term after recent investments to boost its production capacity.
It is seen as a blow to the cartel, with one analyst describing the exit as "the beginning of the end of OPEC".
The Gulf state's energy minister said being a country with no obligation under the groups would give it more flexibility.
The United Arab Emirates believes that the global economy will require more energy resources in the foreseeable future and is ready to meet such needs, Energy Minister Suhail Al Mazrouei said.
"We believe the world will need more energy resources in the future and the withdrawal from OPEC and OPEC+ will make it possible for us to meet these needs, while continuing cooperation with partners and investors," the minister said, cited by Sky News - Arabia television.
This refers not merely to exports of crude oil but also to petroleum products and gas, the minister added.
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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.
ReplyDeleteThe 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.