The United Arab Emirates, SAF, has decided to withdraw from the Organization of the Petroleum Exporting Countries, OPEC and OPEC+, in order to focus on its own national interests.
This is stated in an announcement that appeared today and has attracted a lot of attention in light of rising energy prices due to conflicts in the Middle East.
According to the announcement, carried by the state news agency WAM, the decision will take effect next Friday.
Want to focus on their own interests
SAF is among the world’s largest oil producers and has previously expressed its dissatisfaction with the association’s production quota.
The announcement says that the decision reflects the country’s long-term economic and energy policy. It is also pointed out that the country has contributed to the organization, but now it is time to emphasize its own interests.
The decision comes as oil shipments from the Persian Gulf have been disrupted by Iran’s actions in the Strait of Hormuz, one of the world’s most important shipping lanes for oil exports.
Also, relations between the Emirates and neighboring Saudi Arabia, which is the world’s largest oil exporter and a key member of OPEC, have been strained recently.
