The United Arab Emirates has announced its withdrawal from the Organization of the Petroleum Exporting Countries (Opec).
In a statement, the UAE energy ministry said it followed a “comprehensive review” of its production policy.
“While near-term volatility, including disruptions in the Arabian Gulf and the Strait of Hormuz, continues to affect supply dynamics, underlying trends point to sustained growth in global energy demand over the medium to long term,” read the statement.
“This decision follows decades of constructive cooperation. The UAE joined OPEC in 1967 through the Emirate of Abu Dhabi and continued its membership following the formation of the United Arab Emirates in 1971. Throughout this period, the UAE has played an active role in supporting global oil market stability and strengthening dialogue among producing nations.”
More to follow…
