United Arab Emirates will exit OPEC in major blow to production among world’s largest oil producers
The United Arab Emirates announced it will leave the Organization of the Petroleum Exporting Countries (OPEC) effective May 1, delivering a significant setback to the oil cartel at a time of heightened instability in the Middle East.
The United Arab Emirates announced it will leave the Organization of the Petroleum Exporting Countries (OPEC) effective May 1, delivering a significant setback to the oil cartel at a time of heightened instability in the Middle East.
According to a report from CNBC, the decision follows weeks of missile and drone attacks on the UAE by fellow OPEC member Iran, along with disruptions to shipping in the Strait of Hormuz that have hampered the Gulf state’s oil exports and economic lifeline.
The UAE, which joined OPEC in 1967, has been a key player in the group’s decisions for nearly six decades. As of February, it ranked as the third-largest producer within the organization, behind only Saudi Arabia and Iraq. The surprise move comes after an internal review of production policies and future capacity needs.
Energy Minister Suhail Al Mazrouei emphasized that the timing was chosen carefully to limit fallout. “Our exit at this time is the right time for it, because it will have a minimum impact on the price and it will have a minimum impact on our friends at OPEC and OPEC+,” he told CNBC.
Al Mazrouei added that the step is unrelated to past production disputes within the group. “This has nothing to do with any of our brothers or friends within the group,” he said. “We’ve been working together for years and years. We have the highest respect for the Saudis for leading OPEC.”
The UAE aims to boost its oil production capacity to 5 million barrels per day by 2027 and seeks greater flexibility to pursue that target independently. In a formal statement, the Energy Ministry reaffirmed its dedication to global market stability and cooperation with both producers and consumers.
“We reaffirm our appreciation for the efforts of both OPEC and the OPEC+ alliance and wish them success,” the ministry said.
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