UAE quits OPEC and OPEC+, says decision driven by ‘national interests'

The UAE has announced that it will withdraw from the Organization of the Petroleum Exporting Countries (OPEC) and OPEC+ alliance from May 1, a move seen as a significant setback for the oil-producing bloc and its leading member, Saudi Arabia, at a time of heightened global energy uncertainty.

The decision comes amid ongoing tensions in the region, particularly linked to the Iran conflict, which has disrupted energy markets and created instability in the global economy.

Gulf oil producers have already been facing difficulties exporting crude through the Strait of Hormuz — a narrow but critical shipping route between Iran and Oman that typically handles a large share of the world’s oil and liquefied natural gas supplies — due to threats and reported attacks on vessels.

According to the UAE’s state news agency WAM, the move reflects the country’s long-term economic and strategic priorities, especially efforts to expand and modernise its domestic energy sector.

“This decision aligns with the UAE’s long-term strategic and economic vision and the development of its energy sector, including accelerating investment in domestic energy production,” the statement said. “It also reinforces the UAE’s commitment to its role as a responsible and reliable producer that anticipates the future of global energy markets.”

The report added that the withdrawal is also driven by national interests and the need to respond to current market demands, particularly in light of ongoing geopolitical tensions affecting supply routes in the Arabian Gulf and the Strait of Hormuz.