The United Arab Emirates has decided to leave the OPEC and OPEC+ alliances. The country will officially withdraw from the Organization of the Petroleum Exporting Countries on May 1.
State news agency Wam reports the UAE leadership believes the move will improve its effectiveness in fulfilling obligations to investors and partners. The decision follows a comprehensive review of production policy and future capabilities.
The UAE aims to increase its flexibility in responding to global market dynamics through the step.
The country’s economic strategy continues to focus on diversification alongside higher oil production. At present, the non-oil sector accounts for 75% of the UAE’s GDP.
The government plans to raise daily oil output from 3.4 million barrels to 5 million by 2027.
The decision comes amid a challenging global energy market.
The UAE joined OPEC in 1967. The organisation currently controls around 30% of global oil supply.
Alongside Saudi Arabia and Kuwait, the UAE has played a central role in managing the alliance.
Qatar left OPEC and OPEC+ in 2019, citing a shift in focus toward natural gas production.
