Withdrawal from OPEC and 'OPEC+' UAE Energy Minister: Limited Impact on the Market

UAE Energy Minister Mazrouei stated on the 28th that the main reason the UAE chose to exit the Organization of the Petroleum Exporting Countries (OPEC) at this time was consideration of factors such as current restrictions on passage through the Strait of Hormuz.

He said that this decision by the UAE would have a limited impact on the global oil market.

He told a CNN reporter that the timing of the UAE's announcement to withdraw was appropriate and would not have a significant impact on the oil market and prices, mainly because the restrictions in the Strait of Hormuz also affect the UAE. This decision will help to ease pressures on prices.

When asked whether the decision to withdraw was discussed in advance with Saudi Arabia, another key OPEC member, Mazrouei emphasized that this was a sovereign national decision—not a political one, but a purely policy-based decision.

He said: "We need to be unrestrained, able to make correct decisions more agilely, flexibly, and quickly to balance our policies."

OPEC has a total of 12 member countries: Algeria, Republic of the Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, the UAE, and Venezuela.

Earlier the same day, the UAE announced that from May 1 it would withdraw from both OPEC and "OPEC+", the oil producers' cooperation group made up of OPEC member countries and non-OPEC countries such as Russia.

The UAE government's statement said the decision was made after a comprehensive assessment of the UAE's oil production policy and its current and future production capacity, was based on national interests, and aimed to more effectively meet the urgent needs of the international market.

The statement emphasized that this decision reflects the UAE's long-term strategic and economic development vision and the continuously evolving energy structure demands, including accelerating investment in domestic energy production. The statement reiterated the UAE’s commitment to playing a responsible, reliable, and forward-looking role in the global energy market.