The world's 7th-largest oil producer announced on Tuesday that it will withdraw from OPEC after more than five decades, starting this Friday. The UAE will also exit its terms and obligations under the broader OPEC+ alliance, which includes non-OPEC members led by Russia.
Minister Al Mazrouei said the decision was based on a long-term strategic and economic vision and has no political connotations. He said the time is right, as the impact on oil prices and other producers, particularly partners within OPEC+, will be minimal.
Leaving OPEC is expected to provide the UAE with greater flexibility and responsiveness in managing the oil market amid a decline in global energy supply due to the US–Israel and Iran conflict. The move is part of the UAE’s broader plan to achieve strategic autonomy and reduce dependence on any alliance.
