UAE says only economics, not politics, affected decision to leave OPEC
The UAE has stated that its decision to leave OPEC was based solely on economic considerations rather than political factors. Energy Minister Suhail Mohamed Al Mazrouei emphasized that the move aligns with the country's long-term economic vision and commitment to energy security. The UAE aims to increase its oil production capacity significantly following its departure from the organization.
- ▪The UAE left OPEC at the start of May, ending a 59-year membership.
- ▪The decision was described as rooted in the UAE's national interest and economic strategy.
- ▪The UAE plans to increase its oil production capacity to 5 million barrels per day by next year.
Opening excerpt (first ~120 words) tap to expand
The United Arab Emirates says it did not take politics into consideration when it decided to leave OPEC and OPEC+ at the start of May. Suhail Mohamed Al Mazrouei, who serves the UAE as its energy minister, on Saturday insisted the country’s decision was “rooted in its long-term economic vision, evolving energy capabilities, and enduring commitment to global energy security.” Recommended Stories CIA Director Ratcliffe visits Havana to discuss ‘current scenario,’ Cuba says OPEC countries cut output as demand slows due to Hormuz blockade Chris Wright doesn’t rule out $5 gas as Iran war strains global fuel supply The Gulf state announced last month that it was ending its 59-year membership with OPEC, the world’s largest oil producer group, amid the war with Iran.
…
Excerpt limited to ~120 words for fair-use compliance. The full article is at Washington Examiner.
Discussion
0 commentsMore from Washington Examiner
