The United Arab Emirates will withdraw from the OPEC and OPEC+ oil exporting organizations on May 1 due to the war in the Middle East.
This was reported by the UAE state-run newspaper The National and Reuters.
“The UAE’s decision to withdraw from OPEC reflects a policy-driven evolution that is in line with long-term market fundamentals,” commented Minister of Energy and Infrastructure Suhail Al Mazrouei.
According to The Nationalʼs sources in the energy sector, the decision is beneficial for consumers around the world and will help lower oil prices, as Abu Dhabi will be able to increase supply on the market.
Before that, the Emirates criticized other Arab states for not doing enough to protect the country from numerous Iranian attacks during the war.
The unexpected loss of the UAE, a longtime OPEC member, could cause chaos and weaken an organization that has usually sought to project unity despite internal disagreements on a range of issues, from geopolitics to production quotas.
- The Emirates is consistently among the top seven countries with the largest oil reserves and is a founding member of OPEC. In March, OPEC oil production fell by 27% to 20.79 million barrels per day due to the war in Iran.
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