Post #23984

BREAKING | UAE announces OPEC & OPEC+ withdrawal effective 1 May The UAE has announced plans to exit OPEC after more than 50 years of membership. The move will take effect on 1 May and will include leaving the OPEC+ alliance. "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 UAE’s state news agency WAM said. "While near-term volatility, including disruptions in the [Persian] Gulf and the Strait of Hormuz, continues to affect supply dynamics, underlying trends point to sustained growth in global energy demand over the medium to long term." WAM added that the decision "reflects a policy-driven evolution in the UAE’s approach, enhancing flexibility to respond to market dynamics while continuing to contribute to stability in a measured and responsible manner."