The United Arab Emirates (UAE) says it is quitting the
Organization of the Petroleum Exporting Countries (OPEC) after nearly 60 years
of membership.
The Middle East nation is also exiting OPEC+, a wider
alliance of the oil cartel.
In a post on X on Tuesday, Suhail Mohamed AlMazrouei, the
UAE’s minister of energy, said the country’s decision to leave OPEC also aligns
with policy developments in the energy sector.
“The UAE’s decision to exit OPEC aligns with sector
policy-driven developments and is consistent with long-term market
fundamentals,” he said.
“We express our appreciation to OPEC and member states for
decades of constructive cooperation.”
The energy minister reaffirmed the UAE’s commitment to
energy security by providing reliable, responsible, and low-emission supplies,
supporting global market stability.
The development comes amid ongoing tensions in the Middle
East due to the conflict between the United States, Israel, and Iran, which has
significantly disrupted the global economy and pushed energy prices to
astronomical levels.
The UAE, which produces 2.9 million barrels of oil a year,
according to figures from OPEC, joined the oil cartel in 1967
Analysts believe that with the UAE’s exit, the oil group
could lose about 15 percent of its capacity and “one of its most compliant
members”.
OPEC has 12 members, including Algeria, the Republic of the
Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi
Arabia, the UAE, and Venezuela, which together control around 30 percent of the
global oil supply.
The UAE’s departure will leave the oil cartel with 11
members, putting pressure on Saudi Arabia — which produces nine million barrels
of oil — to keep the remaining member nations together.
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