UAE Withdraws from OPEC After 59 Years
Historic Emirati decision deepens rift with Saudi Arabia over global oil production policy
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The United Arab Emirates announced its withdrawal from the Organization of the Petroleum Exporting Countries (OPEC) after 59 years of membership, according to media reports. The decision comes amid escalating tensions between Abu Dhabi and Riyadh over global oil production policies.
The withdrawal represents a significant departure from the UAE's traditional stance within the organization, which was founded in 1960. Emirati authorities have not disclosed official details about the reasons for the decision thus far.
Analysts anticipate that this withdrawal will impact regional and global oil market dynamics, particularly as disputes continue over production rates and pricing policy among member states.