UAE To Leave OPEC From May 1 Amid Strategic Energy Realignment Plans
United Arab Emirates announced it will leave OPEC effective May 1, state-run WAM reported. The decision reflects its long-term strategic and economic vision, evolving energy profile and accelerated domestic energy investment, and commitment to a responsible global energy role. It also comes amid growing tensions with Saudi Arabia over economic issues and the Yemen war against Houthi rebels.
UAE Announces Exit From OPEC Effective May 1, Citing Long-Term Energy Strategy Shift |
Dubai: The United Arab Emirates announced Tuesday that it will leave the oil cartel OPEC effective May 1.
The UAE made the announcement via its state-run WAM news agency.
“This decision reflects the UAE's long-term strategic and economic vision and evolving energy profile, including accelerated investment in domestic energy production, and reinforces its commitment to a responsible, reliable, and forward-looking role in global energy markets,” the UAE said.
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It also comes as the UAE has increasingly come into conflict with Saudi Arabia, particularly over economic issues and the war in Yemen against the Iran-backed Houthi rebels.
(Except for the headline, this article has not been edited by FPJ's editorial team and is auto-generated from an agency feed.)
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