"This decision follows a comprehensive review of the UAE's production policy and its current and future capacity and is based on our national interest and our commitment to contributing effectively to meeting the market's pressing needs."
"The UAE withdrawal marks a significant shift for OPEC. Alongside Saudi Arabia, it is one of the few members with meaningful spare capacity—the mechanism through which the group exerts market influence."
"During our time in the organisation, we made significant contributions and even greater sacrifices for the benefit of all. However, the time has come to focus our efforts on what our national interest dictates."
The United Arab Emirates will exit OPEC and OPEC+, effective May 1, due to its long-term strategic and economic priorities. This decision follows a review of the UAE's production policy and capacity, emphasizing national interests. The UAE aims to contribute to market needs responsibly while maintaining global market stability. The withdrawal signifies a shift in OPEC dynamics, as the UAE has been a key member with significant spare capacity. The move reflects ongoing disagreements with OPEC policy and may weaken the alliance's unity.
Read at www.dw.com
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