economy
UAE says only economics, not politics, affected decision to leave OPEC
The United Arab Emirates says it did not take politics into consideration when it decided to leave OPEC and OPEC+ at the start of May.
TL;DR
- The UAE insists its decision to leave OPEC and OPEC+ was based on economic vision and energy capabilities, not politics.
- Energy Minister Suhail Mohamed Al Mazrouei denied that the country's rivalry with Saudi Arabia influenced the decision.
- The UAE aims to increase its oil production capacity to 5 million barrels per day by next year, up from its OPEC limit.
- The UAE's departure is a blow to OPEC, as it was the third-largest producer.
- OPEC has lowered its oil demand growth forecast for 2026 due to geopolitical instability in the Strait of Hormuz.