A U.A.E. minister who heads the Abu Dhabi National Oil Company (ADNOC) on Monday said the Gulf state’s decision to exit OPEC and OPEC+ is not directed against any other state and is part of a broader economic strategy.
On Friday, the U.A.E. exited OPEC and OPEC+, with observers pointing to its contentious ties with Saudi Arabia, especially in the aftermath of the Iran war. Addressing a conference in Abu Dhabi, ADNOC CEO Sultan Al Jaber, who also serves as the industry and advanced technology minister, said the decision aims to focus on national priorities and the economy, and is not aimed against any other nation.
“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,” he said, adding it “serves our national interests and long-term strategic objectives, aligns with our industrial, economic, and developmental ambitions, and gives us greater ability to accelerate investment, expand, and create value.”
Maintaining that the move was done in “isolation,” he said it was part of a broader strategy to reshape the Emirate’s economy and industrial base through a “vision that connects energy, technology, and industry, aligning our resources with national priorities to build a stronger, more resilient economy.”
Prior to exiting the group entirely, the U.A.E. had expressed frustration with OPEC’s quotas, which imposed caps on production to maintain prices.
A day prior to the minister’s announcement, Saudi Arabia, Russia and five other OPEC+ countries increased their oil production quota by 188,000 barrels/day for June. This move was expected and subtracts the product the U.A.E.’s quota, had it remained in the group.