The United Arab Emirates declared on Tuesday that it will exit the Organization of the Petroleum Exporting Countries (OPEC) on May 1. The UAE clarified that its choice “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’s dramatic decision to leave the alliance of the world’s biggest oil producers and make its own sovereign decisions away from Saudi Arabia and the other OPEC members strikes a heavy blow to the oil exporting countries that produce a third of the global oil supply and signals a fundamental reshape of the global energy interactions, just as the global energy crisis is escalating over Iran’s blockade of the Strait of Hormuz.
To reassure markets amid the spiraling global energy crisis, the UAE stated that it “will continue to act responsibly,” and that the decision “enhances the UAE’s ability to respond to evolving market needs.
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