UAE announces decision to withdraw from OPEC and OPEC+

AFP

The United Arab Emirates announced on Tuesday its decision to exit the Organisation of the Petroleum Exporting Countries (OPEC and OPEC+), effective 1 May 2026.

The decision comes following the UAE's comprehensive review of their production policy and its current and future capacity, made with the national interest and a commitment to contributing effectively to meeting the market’s pressing needs in mind.

It reflects the UAE’s long-term strategic and economic vision and evolving energy profile, including accelerated investment in domestic energy production, and reinforces its commitment to a responsible, reliable, and forward-looking role in global energy markets.

The decision also reflects the UAE's policy-driven evolution, enhancing flexibility to respond to market dynamics while continuing to contribute to stability in a measured and responsible manner.

The UAE also said: "We reaffirm our appreciation for the efforts of both OPEC and the OPEC+ alliance and wish them success. During our time in the organisation, we made significant contributions and even greater sacrifices for the benefit of all.

"However, the time has come to focus our efforts on what our national interest dictates and our commitment to our investors, customers, partners and global energy markets. This is what we will focus on going forward."

The UAE joined OPEC in 1967 through the Emirate of Abu Dhabi and continued its membership following the formation of the United Arab Emirates in 1971. Throughout this period, the UAE has played an active role in supporting global oil market stability and strengthening dialogue among producing nations, with this decision following decades of constructive cooperation.

And the UAE insist that while near-term volatility, including disruptions in the Arabian Gulf and the Strait of Hormuz, continues to affect supply dynamics, underlying trends point to sustained growth in global energy demand over the medium to long term.

A stable global energy system, the UAE believe, depends on flexible, reliable, and affordable supply. The UAE feel they have invested to meet evolving demand efficiently and responsibly, prioritising stability, affordability, and sustainability.

It is understood this decision will not alter the UAE’s commitment to global market stability or its approach based on cooperation with producers and consumers, instead enhancing the UAE’s ability to respond to evolving market needs.

Following its exit, the UAE have promised to continue to act responsibly, bringing additional production to market in a gradual and measured manner, aligned with demand and market conditions.

With a large and competitive resource base, the UAE will continue working with partners to develop resources, supporting economic growth and diversification and continue investing across the energy value chain, including oil, gas, renewables and low-carbon solutions, to support resilience and long-term energy system transformation.

The UAE is a trusted producer of some of the world’s most cost-competitive and lower-carbon barrels, which will play an important role in supporting global growth and emissions reduction.

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