economy

United Arab Emirates to leave OPEC May 1, energy chief says still committed to oil price stability

The UAE said it decided leaving OPEC was in its national interest after reviewing its production policy and capacity.

United Arab Emirates to leave OPEC May 1, energy chief says still committed to oil price stability

TL;DR

  • The UAE will exit OPEC on May 1.
  • This decision is seen as a major blow to the oil cartel.
  • The UAE conducted a comprehensive review of its production policy and capacity.
  • The nation aims to achieve 5 million barrels per day of capacity by 2027.
  • The UAE is committed to market stability and will continue to cooperate with producers and consumers.
  • The UAE's OPEC membership originated with the Emirate of Abu Dhabi in 1967.

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