A truck passes a facility of ADNOC Gas, a subsidiary of the Abu Dhabi National Oil Company, in Abu Dhabi, March 3, 2026.
Ryan Lim | AFP | Getty Images
The UAE’s decision to leave OPEC and OPEC+ was based on the country’s economic vision and not political reasons, the country’s energy minister said on Saturday.
“This decision follows a comprehensive assessment of the national production policy and its future capabilities, and it is based solely on the national interest of the UAE, its responsibility as a reliable energy supplier and its unwavering commitment to maintaining market stability,” Suhail Mohamed Al Mazrouei said in a statement. job on X.
The Emirates announced earlier this month that it leave the producer group OPEC, of which it had been a member since 1967, even before the creation of the United Arab Emirates.
“This decision is not based on any political considerations, nor does it reflect the existence of divisions between the UAE and its partners,” Mazrouei said.
UAE Minister of Energy Suhail Mohamed Al Mazrouei arrives at the 45th Joint Ministerial Monitoring Committee and the 33rd OPEC and Non-OPEC Ministerial Meeting in Vienna, Austria, October 5, 2022.
Vladimir Simicek | Afp | Getty Images
This exit “represents a sovereign and strategic choice arising from its long-term economic vision, the evolution of its capabilities in the energy sector and its unwavering commitment to global energy security,” declared the Minister of Oil.
Before the war, the UAE produced just over 3 million barrels per day, well in line with OPEC+ targets. Abu Dhabi has targeted a production capacity of 4.9 million BPD. Today, because of the war, the United Arab Emirates produces between 1.8 and 2.1 million barrels per day.
The United Arab Emirates was the most influential member of OPEC behind Saudi Arabia. It was one of the few members, along with Saudi Arabia, that had significant spare production capacity to influence prices and respond to supply shocks, Jorge León, head of geopolitical analysis at Rystad Energy, told CNBC after the UAE announced its decision.
Spare capacity is unused production that can be quickly brought online to deal with major crises. Saudi Arabia and the United Arab Emirates together control the majority of the world’s spare capacity, more than 4 million barrels per day, making them particularly influential in times of crisis.
Oil prices rose Friday following speculation that President Donald Trump He is likely to turn his attention back to the stalemate in the conflict with Iran after leaving a summit in China with President Xi Jinping.
International reference Brent crude futures for July gained more than 3% to close at $109.26 a barrel. WE West Texas Intermediate Futures for June, it increased by more than 4% to settle at 105.42 dollars per barrel.
Brent crude prices are up 74% since the start of the year, but below the peak of $118 a barrel reached in late April.
Stock chart iconStock chart icon
Brent crude oil prices (in US dollars per barrel), year to date.
Also on Friday, Abu Dhabi announced it was accelerating construction of the new west-east pipeline to Fujairah in a bid to expand its oil export capacity and bypass the Strait of Hormuz bottleneck.
The project, which is expected to be commissioned in 2027, will double the export capacity of the Abu Dhabi National Oil Company (ADNOC).
Second pipeline project comes as global energy supply stay under pressurethe flows crossing the Strait of Hormuz are severely limitedand repeated attacks on energy infrastructure and shipping have reduced the UAE’s ability to restore normal production.
