The United Arab Emirates said on Tuesday it is exiting OPEC and the broader OPEC+ as of May 1, marking a major loss for the oil-producing bloc as global energy markets remain volatile in light of the Iran war.
The UAE said it has participated in the organization for the greater global benefit, but it is leaving the group to focus on internal interests.
“This decision follows a comprehensive review of the UAE’s production policy and its current and future capacity and is based on our national interest and our commitment to contributing effectively to meeting the market’s pressing needs,” the UAE said in a statement to state news.
“During our time in the organisation, we made significant contributions and even greater sacrifices for the benefit of all,” the statement continued. “However, 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. This is what we will focus on going forward.”
After the UAE leaves, there will be 11 remaining members in the alliance. The Gulf state first joined the alliance in 1967, seven years after OPEC’s founding.
This is a breaking news story and will be updated.