UAE Exits OPEC, Citing National Interest Amid Global Energy Tensions

Abu Dhabi. The United Arab Emirates (UAE) has decided to withdraw from the Organization of the Petroleum Exporting Countries (OPEC) and the group of major producers outside OPEC, OPEC+. This move, coming amid rising tensions in the global energy market due to the war related to Iran, is assessed to be a major blow to the oil cartel.

In a statement released through state media, the UAE stated that this decision was made to focus on national interests. The decision is said to be effective from Friday. The UAE mentioned in the statement that it has made significant contributions and sacrifices while being a member of OPEC, but now it is time to move forward according to its long-term strategy and economic vision.

The UAE's exit is analyzed to potentially weaken unity within OPEC and bring instability to oil production policy. Differences, particularly regarding production quotas and geopolitical issues, have already existed. UAE Energy Minister Suhail Mohamed Al-Mazrouei stated that this decision was made after a careful evaluation of current and future energy policies. He also clarified that no consultation was held with other countries like Saudi Arabia on this matter.

Meanwhile, oil supply through the Strait of Hormuz has also been affected. This region is a major route for 20% of the world's oil and gas supply, where ships are currently at increased risk due to the war. On the other hand, US President Donald Trump has been accusing OPEC of exploiting other countries by artificially increasing oil prices in the global market. He has also commented that OPEC members are imposing high prices while the US provides security.