Given the ongoing tensions between the United Arab Emirates (UAE) and Iran, particularly due to the latter's involvement in the war in Yemen and the UAE's decision to end its membership with the Organisation of the Petroleum Exporting Countries (OPEC), Minister for Energy Suhail Mohamed Al Mazrouei, in an official statement, insists that the UAE's recent decision was guided by its long-term economic vision, evolving energy capabilities, and a commitment to global energy security, not by political considerations.
Suhail Mohamed Al Mazrouei, who serves the UAE as its energy minister, on Saturday insisted the country’s decision was “rooted in its long-term economic vision, evolving energy capabilities, and enduring commitment to global energy security.
”Chris Wright doesn’t rule out $5 gas as Iran war strains global fuel supply The Gulf state announced last month that it was ending its 59-year membership with OPEC, the world’s largest oil producer group, amid the war with. The two nations have tense relations due to economic and geopolitical rivalries. Al Mazrouei disputed the notion that the countries’ rivalry had anything to do with the UAE’s decision to leave OPEC.
“This decision follows a comprehensive assessment of national production policy and future capacity and is guided exclusively by the UAE’s national interest, its responsibility as a reliable energy supplier, and its steadfast commitment to market stability,” he “It is not driven by political considerations, nor does it reflect any division between the UAE and its partners,” the Emirati official added. “The UAE’s decisions are sovereign, strategic, and guided by national interest, not external speculation.
” Under OPEC, the UAE had an oil production limit of 3 to 3.5 million barrels per day. Now that it is no longer bound to that quota, Abu Dhabi is seeking to increase its production capacity to 5 million barrels per day by next year. The UAE was OPEC’s third-largest oil producer behind Saudi Arabia and Iraq, so its departure delivers a notable blow to the international alliance.
This week, OPEC reported its crude oil production dropped to 18.98 million barrels per day in April. The broader OPEC+ alliance, which includes 10 non-OPEC nations in addition to the 11 core members, declined to 33.19 million barrels per day. Due to the geopolitical instability in the Strait of Hormuz, a key waterway for transporting oil, OPEC lowered its 2026 forecast for oil demand growth from 1.38 million barrels per day to 1.17 million barrels per day.
Its forecast for 2027 is comparatively more optimistic, with a projected estimate of 1.54 million barrels per day. Meanwhile, OPEC+ plans to proceed with a “symbolic” production quota increase of 188,000 barrels per day for June despite the unresolved war. Overall production among OPEC members has fallen by more than 30%, or 9.7 million barrels per day, since the war started.
UAE Energy Minister Suhail Mohamed Al Mazrouei OPEC Iran Yemen War With Saudi Arabia Iraq Abu Dhabi Production Limit Oil Production Future Capacity National Interest Reliable Energy Supplier Market Stability Strategic Decisions Departure Delivers A Notable Blow Geopolitical Instability In The Strait Of Horm Iran Petrochemical Project Iran's Nuclear Deal With The West Unresolved War
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