UAE says OPEC exit 'not directed against anyone'
The UAE's decision to leave OPEC was not targeted at any specific country, said Sultan Al Jaber, the UAE's industry and advanced technology minister. The move aims to focus on national priorities and the UAE economy, allowing the country to accelerate investment and expand its oil production capacity.
The UAE has left OPEC, effective Friday, in a move that was not directed against any particular nation, according to Sultan Al Jaber, the country's industry and advanced technology minister. Al Jaber stated that the decision serves the UAE's national interests and long-term strategic objectives, aligning with its industrial, economic, and developmental ambitions. The UAE was OPEC's fourth-largest producer and its exit is expected to impact the cartel's ability to control oil prices. The decision follows months of tensions with Saudi Arabia over foreign policy, oil output, and the Middle East war. The UAE seeks to expand its oil production capacity to 5 million barrels a day by 2027 and has pledged to spend $55 billion on new projects over the next two years.
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