MOSCOW: The United Arab Emirates (UAE) announced today that it is withdrawing from OPEC and OPEC+, effective May 1, 2026, the Emirates sta...
MOSCOW: The United Arab Emirates (UAE) announced today that it is withdrawing from OPEC and OPEC+, effective May 1, 2026, the Emirates state news agency WAM reported.
TASS has compiled the main information on the matter.
Decision
- The UAE has announced that it is exiting OPEC and OPEC+ effective May 1, 2026, the Emirates state news agency WAM reported.
- According to the agency, the UAE's decision to exit OPEC and OPEC+ "reflects the UAE’s long-term strategic and economic vision and evolving energy profile."
- The decision to exit OPEC and OPEC+ is a sovereign decision of the UAE, based on the country's long-term strategic and economic vision, UAE Energy Minister Suhail Mohammed Faraj Al Mazroui said.
- According to him, the decision was made after a thorough review of strategies related to the energy sector, the oil sector, and other areas.
- The UAE believes that the global economy will need more fuel in the foreseeable future and is prepared to meet these needs, the minister noted.
Future UAE policy
- 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, WAM reported.
- The UAE will continue investing across the energy value chain, including oil, gas, renewables, and low-carbon solutions, to support resilience and long-term energy system transformation.
- Following its exit from OPEC and OPEC+, the UAE will focus its efforts on what the country’s national interest dictates and its commitment to investors, customers, partners and global energy markets, WAM reported.
- As the agency noted, after leaving OPEC and OPEC+, the UAE will continue working with partners to develop resources, supporting economic growth and diversification.
- WAM noted that the decision does not alter the UAE’s commitment to global market stability or its approach based on cooperation with producers and consumers.
- This only enhances the country's ability to respond to changing market needs, the agency emphasized.
Reaction
- The UAE's decision to exit OPEC and OPEC+ will be discussed during the next meeting of the alliance's member countries in June, a source familiar with the situation told TASS.
- A ministerial meeting of OPEC+ member countries, as well as a meeting of the OPEC+ Ministerial Monitoring Committee, are scheduled for June 7.
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