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OPEC Exit Not Directed Against Anyone, Says UAE Minister

From The Punch · (4m ago) English

Translated from English, summarized and contextualized by DistantNews.

TLDR

  • The UAE has officially exited OPEC, with the minister stating the decision was not directed against any nation but aimed at focusing on national priorities and economic strategy.
  • The move follows months of tensions with Saudi Arabia over foreign policy and oil output, potentially impacting the cartel's ability to control oil prices.
  • The UAE aims to increase its oil production capacity and reinvest revenues into high-tech sectors, aligning with its broader economic diversification goals.

The United Arab Emirates' sovereign decision to reposition itself within the global energy landscape and exit OPEC and OPEC+ is a strategic move designed to prioritize our nation's interests and economic future. Minister Sultan Al Jaber has made it clear that this decision is not a slight against any member nation, but rather a recalibration of our approach to energy markets and a commitment to our long-term developmental ambitions.

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.

— Sultan Al JaberAddressing the decision to leave OPEC at a conference in Abu Dhabi.

This strategic repositioning allows the UAE to accelerate investment, expand our capabilities, and create greater value, aligning with our industrial, economic, and developmental goals. While some may view this as a departure from a long-standing partnership, it is, in fact, a proactive step towards strengthening our economy and industrial base through a vision that integrates energy, technology, and industry. Our focus is on building a more resilient and dynamic economy for the future.

Leaving OPEC “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”.

— Sultan Al JaberExplaining the rationale behind the UAE's withdrawal from the oil cartel.

Our exit from OPEC is not an isolated event but part of a broader effort to reshape our economic landscape. The UAE has long sought to increase its production capacity, and this move provides the flexibility needed to pursue those objectives. The added revenue from increased oil sales will be instrumental in driving our investments in cutting-edge sectors like artificial intelligence and other high-tech industries. This is about seizing opportunities and forging new beginnings, rather than merely navigating crises. We are charting our own course, focused on sustainable growth and innovation.

This move was not done in isolation. It is part of a broader effort to reshape our 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.

— Sultan Al JaberFurther elaborating on the strategic importance of the exit.
DistantNews Editorial

Originally published by The Punch in English. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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