UAE says OPEC exit serves national interests
Abu Dhabi National Oil Company CEO Sultan Al Jaber said the UAE’s May 1 exit from OPEC and OPEC+ was a sovereign decision meant to serve national interests, not a move against anyone. Speaking at the Make It In The Emirates conference, he said leaving the groups would help the UAE accelerate investment, expand and create value while remaining a responsible energy partner. The departure widens a rift with Saudi Arabia, which effectively leads OPEC. Al Jaber also urged domestic investment despite the U.S.-Israeli war with Iran and Iranian attacks that have shaken investor confidence in Gulf states.
The UAE left OPEC and OPEC+ on May 1.
Context
The UAE left OPEC and OPEC+ on May 1. It has had growing tension with Saudi Arabia over…
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