UAE Promises to Keep Energy Market Stable After Leaving OPEC

UNSPLASH ILLUSTRATION/Maksym Kaharlytskyi

JAKARTA - The United Arab Emirates (UAE) will continue to work closely with partners and strengthen multilateral cooperation, even though it has decided to withdraw from the Organization of the Petroleum Exporting Countries (OPEC).

This was conveyed by the Director of Communication of the UAE Ministry of Foreign Affairs, Afra Mahash Al Hameli, as reported by ANTARA from Sputnik, Wednesday, April 29.

Earlier on the same day, the WAM news agency reported that the EUA announced its decision to withdraw from OPEC and OPEC+, which will take effect from May 1.

"The UAE's decision to withdraw from OPEC is a sovereign strategic choice and is based on its long-term economic vision," Al Hameli said on the X platform.

The move is seen as reflecting the UAE's efforts to increase flexibility in utilizing energy capacity, "strengthening national development, increasing market confidence, and supporting global energy stability." Al Hameli added that the UAE will continue to deepen bilateral and multilateral cooperation and continue to contribute to a stable global energy market with higher agility and responsiveness.

According to the WAM report, after leaving OPEC, the UAE will continue to act responsibly by increasing production gradually and measuredly, according to demand and market conditions.

UAE Energy Minister Suhail Mohamed Al Mazrouei said the decision reflected a policy evolution that was in line with long-term energy market fundamentals.

He also expressed his appreciation to OPEC and its member countries for their cooperation over the decades and reaffirmed the UAE's commitment to continue supporting global market stability.

"We remain committed to energy security, providing a reliable, responsible, and low-carbon supply, and supporting a stable global market," Al Mazrouei said.

The UAE expects global energy demand to continue to increase in the medium to long term, and is committed to meeting these needs efficiently amid geopolitical instability.