UAE quits OPEC in shock move amid energy turmoil

The United Arab Emirates has said it will leave OPEC and the wider OPEC+ group, dealing a major blow to the producer alliances during a global energy shock.

The loss of the UAE, a longstanding member, threatens to weaken unity within OPEC, which has often masked internal divisions over geopolitics and production quotas.

Why is the UAE leaving OPEC?

A statement from the UAE's Ministry of Energy and Infrastructure said the move, effective May 1, reflects the emirates' long-term strategic and economic priorities.

"This decision follows a comprehensive review of the UAE’s production policy and its current and future capacity and is based on our national interest and our commitment to contributing effectively to meeting the market’s pressing needs," the statement read.

The UAE would continue to act responsibly, it said, "bringing additional production to market in a gradual and measured manner, aligned with demand and market conditions."

"During our time in the organisation, we made significant contributions and even greater sacrifices for the benefit of all. However, the time has come to focus our efforts on what our national interest dictates."

The statement said the UAE would remain committed to global market stability.

What have analysts said about the UAE and OPEC?

"The UAE withdrawal marks a significant shift for OPEC.
Alongside Saudi Arabia, it is one of the few members with
meaningful spare capacity - the mechanism through which the
group exerts ‌market influence."
 

This is a breaking story that will be updated...