NEW DELHI: The United Arab Emirates announced on Tuesday that it was leaving the OPEC and OPEC+ cartels in what is seen as a major setback to the group of oil-exporting countries led by Saudi Arabia. The UAE said the decision reflected its “long-term strategic and economic vision and evolving energy profile”. The Gulf state’s Energy Minister Suhail Al Mazrouei said that being a country with no obligation under the groups would provide more flexibility. In a public statement shared on X, Mazrouei said: “The UAE’s decision to exit OPEC aligns with sector policy-driven developments and is consistent with long-term market fundamentals.”
“We express our appreciation to OPEC and member states for decades of constructive cooperation. We reaffirm our commitment to energy security by providing reliable, responsible, and low-emission supplies, supporting global market stability,” he added.
Analysts see the exit of the UAE from the OPEC cartel as a huge gain for US President Donald Trump, who has been lashing out at the group for inflating oil prices at the cost of other countries. Trump has accused the group of “ripping off the rest of the world” by jacking up oil prices. (IANS)
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