UAE to withdraw from Opec, Opec+

 State media says the decision reflects the country's 'long-term strategic and economic vision and evolving energy profile'.

The United Arab Emirates joined the Opec oil cartel in 1967. (EPA Images pic)

DUBAI:

 The United Arab Emirates will withdraw from the Opec and Opec+ oil cartels to focus on “national interests”, a statement said on Tuesday, 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 baulked 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 organisation, 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 powerful neighbour Saudi Arabia, the world’s top oil exporter and a dominant force within Opec. - FMT