The United Arab Emirates declared that the decision to withdraw from OPEC and OPEC+ is 'sovereign and strategic', according to Energy Minister Suhail Al Mazrouei. The withdrawal, officially announced for May 1, has no political motivations and does not reflect tensions with other members of the oil alliance.
In a context of global energy crisis, caused by conflicts in the Middle East, the UAE's withdrawal is considered a blow to OPEC's influence on the global market. Oil prices have exceeded 100 dollars per barrel, and disruptions in the Strait of Hormuz have affected exports from the Gulf.
Analysts suggest that the UAE aims to maximize its production and export capacities, considering the high global demand and the restrictions imposed by OPEC+. This decision highlights the divergences between Abu Dhabi and Saudi Arabia, the de facto leader of the oil cartel.
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