UAE Energy Minister Suhail Mohamed Al Mazrouei stated the country's departure from OPEC and OPEC+ is driven by its economic vision and national interest, not political considerations or divisions with partners. The decision aims to maintain market stability and global energy security.
UAE Energy Minister Suhail Al Mazrouei warned that OPEC member countries will be unable to replenish oil supply deficits once the Strait of Hormuz reopens, citing production capacity reductions during the strait's closure and uncertainty over future stability.
The UAE's potential for increased oil production flexibility is expected to benefit major importers like China, potentially lowering prices and deepening energy trade relations between the two nations.
UAE Energy Minister Suhail Mohamed Al Mazrouei has clarified that the country's decision to withdraw from OPEC and OPEC+ effective May 1, 2026 is not related to Saudi Arabia's proposal on oil production cuts. In a CNBC interview, the minister emphasized the UAE's respect for Saudi Arabia's leadership of OPEC and OPEC+ and assured that the country remains committed to stabilizing the global fuel market.
UAE Energy Minister Suhail Mohamed Al Mazrouei believes that the world is currently undersupplied
UAE Energy Minister Suhail Al Mazrouei stated that the world will require more energy resources in the foreseeable future and the UAE is prepared to meet these needs. The minister noted that withdrawal from OPEC and OPEC+ will enable the UAE to fulfill global energy demand while maintaining cooperation with partners and investors, emphasizing exports of crude oil, petroleum products and gas.
