An emergency Gulf summit in Jeddah discusses the situation in the region
The UAE announces its withdrawal from OPEC with a surprising decision
Jeddah – time
Leaders of the Gulf Cooperation Council countries held an extraordinary summit in the Saudi city of Jeddah to discuss the security situation in the region. Yesterday’s statement said: “Crown Prince Mohammed bin Salman chaired, in Jeddah Governorate, the Gulf consultative summit of leaders and heads of delegations of the Gulf Cooperation Council countries.” He added, “The summit discussed a number of topics and issues related to regional and international developments and coordination of efforts towards them.” The talks come more than two weeks after the start of a truce between Iran on the one hand and Israel and the United States on the other hand, following a war that lasted five weeks, during which the Gulf states were subjected to Iranian strikes that affected oil and vital facilities. The region is also suffering severely from the repercussions of the economic war due to Iran’s closure of the strategic Strait of Hormuz, through which in normal times a fifth of the world’s oil and liquefied gas production passes. Meanwhile, the UAE announced its official withdrawal from OPEC and the OPEC+ alliance, in a decision described as pivotal in global energy policies. A statement carried by the Emirates News Agency yesterday said: “The step comes within a long-term strategic vision to develop the national energy sector.” She added, “The decision aims to accelerate investments, increase local production, and enhance the UAE’s position as a reliable global energy supplier.” The statement indicated that “the decision came after a comprehensive review of production policies and the state’s current and future capabilities in the energy sector.” Stressing that (the national interest requires greater flexibility to face market fluctuations and regional geopolitical turmoil). She pointed out that (expectations indicate continued growth in global energy demand in the medium and long term globally). Emphasizing (the importance of providing flexible and stable energy supplies at appropriate prices to support the stability of global markets). The statement explained that the UAE has invested heavily to meet global demand efficiently, with a focus on sustainability and reducing emissions in the future. Pointing out that (the UAE joined OPEC in 1967 through the Emirate of Abu Dhabi and continued after the union in 1971). Adding that it “played an important role in supporting the stability of the oil market and promoting dialogue between producing countries.” He pointed out that (after the withdrawal, the UAE will gradually increase its production according to demand and constantly changing global market conditions).
He went on to say that it “will continue to cooperate with partners to develop resources, support economic growth, and diversify sources of national income.” The statement reiterated that “the decision does not change the UAE’s commitment to market stability, but rather enhances its flexibility and responsiveness to changes.”
