Breaking news. UAE decides to leave OPEC, citing focus on its national interest

0

BEĞENDİM

ABONE OL

News

0

The United Arab Emirates announced on Tuesday that it will leave the Organisation of the Petroleum Exporting Countries (OPEC) effective 1 May.

“The time has come to focus our efforts on what our national interest dictates and our commitment to our investors, customers, partners and global energy markets,” the UAE said in a statement to state news agency WAM.

The UAE’s dramatic decision strikes a heavy blow to oil-exporting countries and signals a fundamental reshaping of global energy dynamics, just as Iran’s Strait of Hormuz blockade is adding more pressure on the world economy each day.

In its statement, the UAE explained that “this decision aligns with the UAE’s long-term strategic and economic vision and the development of its energy sector.”

“it reinforces the UAE’s commitment to its role as a responsible and reliable producer that anticipates the future of global energy markets,” the statement said.

« During our time in the organisation, we made significant contributions and even greater sacrifices for the benefit of all,” the UAE added.

Its surprise decision “does not alter the UAE’s commitment to global market stability or its approach based on cooperation with producers and consumers. Rather, it enhances the UAE’s ability to respond to evolving market needs.”

It added that the decision is “also driven by national interests and the country’s commitment to actively contributing to meeting the urgent needs of the market, particularly given the ongoing geopolitical volatility in the near term, stemming from disruptions in the Arabian Gulf and the Strait of Hormuz, which impact supply dynamics”.

This is a developing story and our journalists are working on further updates.