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The United Arab Emirates has announced its decision to leave the Opec group of oil producers, effective May 1. This move is intended to allow the UAE to increase its oil and gas production in line with its strategic vision. The UAE has committed to responsibly managing its production levels after exiting Opec.
- ▪The UAE is quitting Opec and Opec+ to enhance its oil production capabilities.
- ▪This decision follows a comprehensive review of the UAE's production policy.
- ▪The UAE has been a member of Opec since 1967 and aims to act responsibly after its departure.
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08.42 EDTUAE quits Opec groupNewsflash: The United Arab Emirates has announced it is quitting the Opec group of oil producers.In an unexpected move, the UAE is leaving Opec and Opec+ (which includes allies such as Russia) from 1 May, a move which could allow it – in theory – to produce more oil and gas.The UAE’s energy ministry says in a statement that the decision “reflects the UAE’s long-term strategic and economic vision and evolving energy profile”, and follows a “comprehensive review” of its production policy, and its current and future capacity.Opec, created back in 1960, agrees and sets production quotes for members in an attempt to control the oil price.
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