UAE announces plans to leave OPEC: State media
Key takeaways
- The country will officially exit OPEC and its broader OPEC+ association on May 1 following the government s internal review of its production policy, according to UAE state media, WAM.
- The move marks a major change for the permanent intergovernmental organization, which sets uniform petroleum policies among its member countries with the mission of maintaining stable global oil markets.
- The UAE first joined OPEC seven years after its founding in 1960 under the emirate of Abu Dhabi, and it has been a vital member of the intergovernmental organization.
Why this matters: political developments that affect policy direction and public trust.
The country will officially exit OPEC and its broader OPEC+ association on May 1 following the government s internal review of its production policy, according to UAE state media, WAM.
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, WAM reported.
The move marks a major change for the permanent intergovernmental organization, which sets uniform petroleum policies among its member countries with the mission of maintaining stable global oil markets.