President of Abu Dhabi National Oil Company: UAE's Exit from OPEC Not Targeted at Third Parties
Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and CEO of Abu Dhabi National Oil Company (ADNOC), stated that the UAE's decision to exit OPEC and OPEC+ is not aimed at any third party.
The UAE will officially leave OPEC and OPEC+ starting May 1, 2026.
Jaber said at the Abu Dhabi UAE Manufacturing Forum (MIITE: Make it in the Emirates): "Reassessing the UAE’s position in the global energy market and exiting OPEC and OPEC+ is a sovereign decision, not directed against any party."
Jaber emphasized that the decision to leave OPEC aligns with the UAE’s national interests and long-term strategic goals.
Earlier, UAE Minister of Energy Suhail Al Mazrouei confirmed that the country will exit OPEC on May 1, 2026. The UAE has been a member of OPEC since 1967, marking 59 years of membership. Currently, OPEC controls approximately 36% of global oil production and nearly 80% of proven reserves.
According to OPEC sources, the UAE’s daily oil output was around 3.4 million barrels in January and February 2026. However, in March, production dropped to 2.1 million barrels per day due to damage to production facilities caused by missile and drone attacks.
In addition, the UAE will also exit OPEC+, established in 2016. Besides the 12 core OPEC members, this group includes 10 other major oil-producing countries such as Russia, Mexico, and Kazakhstan.
Source: sputniknews
Original: toutiao.com/article/1864248213210123/
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