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UAE’s exit from OPEC to have minimum impact on oil prices — minister

UAE Energy Minister Suhail Mohamed Al Mazrouei believes that the world is currently undersupplied

NEW YORK, April 29. /TASS/. The United Arab Emirates’ withdrawal from OPEC and OPEC+ will have a minimum impact on oil prices, UAE Energy Minister Suhail Mohamed Al Mazrouei said in an interview broadcast on CNBC.

"We believe that the world is currently undersupplied. And our exit at this time is the right time for it because it will have a minimum impact on the price and on our friends at OPEC and OPEC+," he said.

Earlier, the Emirati state news agency WAM reported that the UAE had decided to withdraw from OPEC and OPEC+ effective May 1, 2026. The country assured though that it shares the desire to stabilize the global fuel market. Its oil production policy will take into account global supply and demand, according to the WAM publication.

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United Arab Emirates

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