An Emirati man stands at the oil terminal of Fujairah during the inauguration ceremony of a dock for supertankers on September 21, 2016. KARIM SAHIB / AFP
The United Arab Emirates will withdraw from the OPEC and OPEC+ oil cartels to focus on "national interests", a statement said on Tuesday, April 28, a bombshell announcement as energy prices soar over the Middle East war.
The UAE, one of the world's top oil producers, which has previously balked at OPEC production quotas, will pull out on Friday, a statement carried by the official WAM news agency said. "This decision reflects the UAE's long-term strategic and economic vision and evolving energy profile," the statement said. "During our time in the organization, we made significant contributions and even greater sacrifices for the benefit of all. However, the time has come to focus our efforts on what our national interest dictates."
Gulf oil shipments are currently being strangled by Iran's blockade of the Strait of Hormuz, which flows past the UAE and normally carries one-fifth of the world's oil.
The UAE, hard-hit by Iranian attacks, has also faced trouble in its relationship with Saudi Arabia, the world's top oil exporter, after a stand-off between rival forces backed by the two countries in Yemen.
