ISTANBUL, April 29. /TASS/. The United Arab Emirates’ (UAE) decision to exit OPEC and OPEC+ could stabilize global oil prices, Turkish Energy Minister Alparslan Bayraktar said.

"We are analyzing the situation. We will see the consequences. Our expectations regarding global [oil] prices are to ensure balance," he told reporters.

Even during the coronavirus pandemic global consumption and demand did not fall by 11 mln barrels, the minister noted. "This is a serious problem. In such a situation, countries can strive to determine their own policies and form alternative groups," 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.