US EditionUAE Says Opec Exit 'Not Directed Against Anyone'
Sultan Al Jaber said the exit serves national priorities and could support a $55 billion investment push by state-owned Adnoc.
- On Friday, the United Arab Emirates exited OPEC, with UAE Minister Sultan Ahmed Al-Jaber describing the move as a sovereign decision to reposition within the global energy landscape that is not directed against any nation.
- The UAE had long disputed OPEC production quotas capping Emirati output at 3.4 million barrels daily, while months of tensions with Saudi Arabia over foreign policy and the Middle East war strained the partnership.
- Al-Jaber said Monday the exit serves national interests and gives the UAE greater ability to accelerate investment and expand, framing it as seizing opportunity from crisis to reshape the economy through energy, technology and industry.
- Investment plans announced Sunday include $55 billion in oil-project awards within a $150 billion program, with the UAE targeting 5 million barrels daily production capacity by 2027.
- As OPEC's fourth-largest producer, the UAE's departure weakens the cartel's ability to control oil prices, though it is not the first country to leave; the move came as OPEC agreed only to a modest quota increase.
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UAE Says Exit From OPEC Was Driven by National Interests, Not Regional Rivalry
The United Arab Emirates said on Monday that its decision to leave OPEC and the broader OPEC+ alliance was based entirely on national priorities and ... The post UAE Says Exit From OPEC Was Driven by National Interests, Not Regional Rivalry first appeared on [your]NEWS.
UAE says Opec exit 'not directed against anyone'
The United Arab Emirates’ shocking decision to leave Saudi-dominated Opec was not targeted at anyone, the UAE minister who heads the state oil giant said on Monday. The move aimed at focusing on national priorities and the UAE economy, said Sultan Al Jaber, who is CEO of state-owned Abu Dhabi National Oil Company (Adnoc) and the country’s industry and advanced technology minister. The decision, which took effect on Friday, followed months of ten…
UAE owes it to investors to produce without restrictions, energy minister says
DUBAI: The United Arab Emirates owes it to its investment partners to produce what global oil markets require without restrictions, while cooperating with other crude producers, its energy minister said on Monday after the Gulf state left OPEC. The UAE, one of OPEC’s biggest producers, exited the group on May 1, widening a rift with its neighbour Saudi Arabia, effectively the leader of the Organization of the Petroleum Exporting Countries and th…
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