"This decision 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."
"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 United Arab Emirates announced its departure from OPEC and OPEC+ effective May 1, driven by dissatisfaction with production restrictions and strained relations with Saudi Arabia. The UAE aims to enhance its foreign policy and attract foreign investments, diverging from Saudi positions. The decision aligns with the UAE's strategic vision for energy production and commitment to global energy markets. Post-exit, the UAE plans to increase production gradually, responding to market demand. Tensions between the UAE and Saudi Arabia have escalated over economic and regional political issues.
Read at ABC7 San Francisco
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