-- (Updates with confirmation from state news agency and minister of energy and infrastructure throughout.)
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.
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, IEA, and Adnoc didn't immediately respond to requests for comment from.