UAE says its decision to leave OPEC was a strategic economic move, not a political one
The UAE's departure from OPEC is framed as a strategic economic decision rather than a political one. The oil minister emphasized the move aligns with the country's long-term economic vision and commitment to global energy security. Currently, the UAE's oil production has decreased significantly due to the ongoing war, impacting its previous output levels.
- ▪The UAE's exit from OPEC is described as a sovereign and strategic choice.
- ▪Before the war, the UAE was producing over 3 million barrels a day, but now production has dropped to between 1.8 and 2.1 million barrels per day.
- ▪The UAE was a key member of OPEC, second only to Saudi Arabia in influence and spare production capacity.
Opening excerpt (first ~120 words) tap to expand
The exit "represents a sovereign and strategic choice stemming from its long-term economic vision, the evolution of its capabilities in the energy sector, and its steadfast commitment to global energy security," the oil minister said.Before the war, the UAE was producing just over 3 million barrels a day — broadly in line with OPEC+ targets. Abu Dhabi has targeted a capacity to produce 4.9 million BPD. Now, due to the war, the UAE is producing between 1.8 and 2.1 million barrels per day.The UAE was the most influential member of OPEC behind Saudi Arabia.
…
Excerpt limited to ~120 words for fair-use compliance. The full article is at CNBC — Top.
Discussion
0 commentsMore from CNBC — Top
