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 United Arab Emirates will withdraw from OPEC and OPEC+ effective May 1, Energy Minister Suhail Al Mazrouei told Reuters. The minister confirmed the UAE did not consult with any other OPEC or OPEC+ participants before making this decision, describing it as a policy decision made after careful consideration of current and future production-related policies.
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.
