Dubai (United Arab Emirates), Apr 28 (LaPresse) – The United Arab Emirates have today announced their decision to exit OPEC starting from next May 1. The announcement was issued through the state news agency WAM. “This decision reflects the long-term strategic and economic vision of the United Arab Emirates and their evolving energy profile, which includes accelerated investments in domestic energy production, and reinforces their commitment to play a responsible, reliable and forward-looking role in global energy markets,” the United Arab Emirates said.
The announcement comes at a time of growing conflict between the United Arab Emirates and Saudi Arabia, particularly over economic issues and the war in Yemen against the Houthi rebels, backed by Iran. “Following the exit from OPEC, the United Arab Emirates will continue to act responsibly, bringing additional production to the market in a gradual and measured manner, in line with demand and market conditions,” the statement added.