UAE Owes It to Investors to Produce without Restrictions, Energy Minister Says
Sultan Al Jaber said the exit serves national priorities and could support a $55 billion investment push by state-owned Adnoc.
- On Friday, the United Arab Emirates exited OPEC, with UAE Minister Sultan Ahmed Al-Jaber describing the move as a sovereign decision to reposition within the global energy landscape that is not directed against any nation.
- The UAE had long disputed OPEC production quotas capping Emirati output at 3.4 million barrels daily, while months of tensions with Saudi Arabia over foreign policy and the Middle East war strained the partnership.
- Al-Jaber said Monday the exit serves national interests and gives the UAE greater ability to accelerate investment and expand, framing it as seizing opportunity from crisis to reshape the economy through energy, technology and industry.
- Investment plans announced Sunday include $55 billion in oil-project awards within a $150 billion program, with the UAE targeting 5 million barrels daily production capacity by 2027.
- As OPEC's fourth-largest producer, the UAE's departure weakens the cartel's ability to control oil prices, though it is not the first country to leave; the move came as OPEC agreed only to a modest quota increase.
23 Articles
23 Articles
UAE: OPEC Exit 'Not Directed Against Anyone'
The United Arab Emirates has not directed at anyone its decision to leave OPEC and the broader OPEC+ alliance, Sultan al Jaber, the chief executive of Abu Dhabi’s national oil company ADNOC, said on Monday. “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, who is also UAE Minister of Industry and Advanced Techno…
UAE says OPEC exit ’not directed against anyone’
The UAE's departure from OPEC, dominated by ally-turned-rival Saudi Arabia, was not targeted at anyone but is part of a broader plan to future-proof its economy, the country's oil chief said Monday. The move was part of the long-term project to diversify beyond fossil fuels, said Sultan Al Jaber, CEO of state oil giant ADNOC and the UAE's industry and advanced technology minister. The shock decision, which took effect on Friday, followed months …
UAE owes it to investors to produce without restrictions, energy minister says
The United Arab Emirates owes it to its investment partners to produce what global oil markets require without restrictions, while cooperating with other crude producers, its energy minister said on Monday after the Gulf state left OPEC.
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UAE Says Exit From OPEC Was Driven by National Interests, Not Regional Rivalry
The United Arab Emirates said on Monday that its decision to leave OPEC and the broader OPEC+ alliance was based entirely on national priorities and ... The post UAE Says Exit From OPEC Was Driven by National Interests, Not Regional Rivalry first appeared on [your]NEWS.
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