UAE Says OPEC Exit Serves National Interests

The United Arab Emirates has defended its decision to leave OPEC and OPEC+ as a move based on national interests. Sultan Al Jaber, chief executive of Abu Dhabi National Oil Company (ADNOC), said the decision was not directed against any country.

The oil-rich Gulf state left the group on 1 May, widening a rift with Saudi Arabia, the effective leader of the Organization of the Petroleum Exporting Countries (OPEC).

“The United Arab Emirates’ sovereign decision to reposition itself within the global energy landscape, and to exit OPEC and OPEC+, is not a decision directed against anyone”, Al Jaber said in a speech at the Make It In The Emirates conference.

He said the move served the UAE’s national interests and long-term strategic objectives, giving it greater scope to accelerate investment, expand and create value, while remaining a trusted and responsible partner in global energy markets.

Relations between the UAE and Saudi Arabia have soured in recent years as the two countries have clashed over oil policy, regional geopolitics and the race for foreign talent and capital.

Al Jaber also called on the private industrial sector and the UAE’s sovereign wealth funds to make bold decisions despite the US-Israeli war with Iran, saying the country had shown resilience and stood firm against Iranian attacks.

“This phase requires serious and bold decisions. Investing at home, or direct domestic investment, is no longer an option; it is a priority”, he said.

The UAE has long been seen as a stable regional business and financial hub and a close US ally in the Middle East. However, Iranian missile strikes on US bases and Gulf states have shaken the region’s safe-haven image and rattled investors.

(reuters, bak)