economy

UAE says its decision to leave OPEC was a strategic economic move, not a political one

The United Arab Emirates, which joined OPEC in 1967, announced last month it was leaving the oil producer group on May 1.

UAE says its decision to leave OPEC was a strategic economic move, not a political one

TL;DR

  • The UAE's decision to leave OPEC and OPEC+ is based solely on its national interest, economic vision, and responsibility as a reliable energy supplier.
  • The country's energy minister emphasized that the decision is not political and does not indicate divisions with its partners.
  • The UAE aims to expand its oil export capacity by doubling it through a new West-East pipeline to Fujairah, bypassing the Strait of Hormuz.
  • Oil prices rose on speculation about President Trump's focus on Iran, with Brent crude futures closing at $109.26 and WTI futures at $105.42.
  • The UAE's current production is between 1.8 and 2.1 million barrels per day, below its targeted capacity of 4.9 million BPD.

Continue reading the original article