UAE says its decision to leave OPEC was not a political move
A truck passes by ADNOC Gas, a subsidiary of Abu Dhabi National Oil Company in Abu Dhabi, on March 3, 2026.
Ryan Lim | AFP | Getty Images
The United Arab Emirates’ decision to leave OPEC and OPEC+ was based not on politics but on the country’s economic vision, the country’s energy minister said on Saturday.
Suhail Mohamed Al Mazrouei said, “This decision follows a comprehensive assessment of the national production policy and its future capabilities and is based solely on the United Arab Emirates’ national interests, its responsibility as a reliable energy supplier and its unwavering commitment to maintaining market stability.” he said. to mail In X.
The emirate announced earlier this month that it would leave OPEC, the producer group of which it has been a member since 1967, before the UAE was formed.
“This decision is not based on any political considerations and does not reflect the existence of any division between the United Arab Emirates and its partners,” Mazrouei said. he said.
Suhail Mohamed Al Mazrouei, Minister of Energy of the United Arab Emirates, arrives for the 45th Joint Ministerial Monitoring Committee and 33rd OPEC and non-OPEC Ministerial Meeting in Vienna, Austria, on October 5, 2022.
Vladimir Simicek | Afp | Getty Images
The oil minister said the exit “represents a sovereign and strategic choice resulting from its long-term economic vision, the development of its capabilities in the energy sector and its resolute commitment to global energy security.”
Before the war, the UAE was producing just over 3 million barrels per day, broadly in line with OPEC+ targets. Abu Dhabi has targeted a production capacity of 4.9 million BPD. Now, due to the war, the UAE produces between 1.8 and 2.1 million barrels per day.
The UAE became the most influential member of OPEC after Saudi Arabia. The UAE is one of the few members, along with Saudi Arabia, to have meaningful spare generation capacity to influence prices and respond to supply shocks, Jorge León, head of geopolitical analysis at Rystad Energy, told CNBC after the UAE announced its decision.
Reserve capacity is idle production that can be quickly deployed to respond to major crises. Saudi Arabia and the UAE together control the majority of the world’s total spare capacity, more than 4 million barrels per day, making them particularly effective in times of trouble.
Oil prices rose Friday on speculation that President Donald Trump may turn his attention to the deadlocked conflict with Iran after leaving a summit with President Xi Jinping in China.
July international benchmark Brent crude oil futures closed at $109.26 per barrel, up over 3%. June US West Texas Intermediate futures settled at $105.42 per barrel, up over 4%.
Brent crude oil prices have increased 74 percent since the beginning of the year, but remain below the peak of $118 per barrel reached in late April.
Year-to-date Brent crude oil price (US$ per barrel).
Also on Friday, Abu Dhabi said it was accelerating construction of a new West-East pipeline to Fujairah as it plans to expand oil export capacity and bypass the Strait of Hormuz crossing point.
The project, which is expected to become operational in 2027, will double the export capacity of Abu Dhabi National Oil Company (ADNOC).
The second pipeline project comes as global energy supplies remain under pressure, with flows through the Strait of Hormuz severely limited and repeated attacks on energy infrastructure and shipping restricting the UAE’s ability to restore normal production.
