DUBAI, April 28 (Xinhua) -- The United Arab Emirates (UAE)'s decision to leave OPEC is a "sovereign, strategic choice" based on the country's long-term economic vision, Foreign Ministry communications director Afra Mahash Al Hameli said Tuesday.
"The UAE's decision to exit OPEC is a sovereign, strategic choice grounded in its long-term economic vision," Al Hameli wrote on X. She said the move would give the country greater flexibility in using its energy capacity, strengthen national development, reinforce market confidence, and support global energy stability.
Earlier Tuesday, the UAE announced it would withdraw from the Organization of the Petroleum Exporting Countries (OPEC) and the wider OPEC+ alliance, effective May 1, removing the group's third-largest producer and further weakening the cartel's influence over global oil supplies and prices. Analysts estimated that with the UAE leaving, OPEC loses about 15 percent of its capacity.
Al Hameli said the UAE would continue working closely with partners, deepen bilateral and multilateral cooperation, and contribute to stable and well-functioning markets after leaving the group.
Later on Tuesday, UAE Industry Minister and Abu Dhabi National Oil Company (ADNOC) CEO Sultan Ahmed Al Jaber met with Qatar's Minister of State for Energy Affairs and QatarEnergy CEO Saad Sherida Al Kaabi in Qatar.
During the meeting, the two reviewed bilateral relations and energy cooperation between the UAE and Qatar and discussed ways to further strengthen ties, ADNOC said in a post on social media.
Qatar exited from OPEC in 2019, which was widely seen at the time as a rebuke of the Saudi-dominated organization.
OPEC was founded in 1960 by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela to coordinate production policies and protect the interests of major oil exporters by ensuring stable revenues for members.
The UAE joined OPEC in 1967, and its departure will leave the group with 11 members. The wider OPEC+ alliance includes an additional 10 non-OPEC producers. ■
