-- (Updates with confirmation from ADNOC chief executive in the second paragraph.)
The United Arab Emirates will leave the Organization of the Petroleum Exporting Countries and OPEC+, effective May 1, the Emirates News Agency said in a Tuesday statement.
The UAE has made a sovereign choice aligned with its long-term energy strategy, its true production capacity, and its national interests, while also considering global energy market stability, Abu Dhabi National Oil Co., or ADNOC, Chief Executive Sultan Al Jaber, who is also UAE minister of industry and advanced technology, said in a post on X.
This decision reflects the UAE's long-term vision and dynamic energy profile, including investments in domestic energy production, Suhail Al Mazrouei, minister of energy and infrastructure, said in a Tuesday post on X.
Upon departure, the UAE will bring additional production to market gradually based on demand conditions, and continue working with partners to drive economic growth and diversification, according to the state-owned news agency.
The UAE energy ministry, the Saudi energy ministry, OPEC, and IEA didn't immediately respond to requests for comment from.