TOKYO, April 30. /TASS/. The United Arab Emirates’ (UAE) withdrawal from OPEC is unlikely to have a significant impact on global oil prices, said Professor Jomo Kwame Sundaram, Fellow of the Malaysian Academy of Science.
"OPEC does not really determine the current oil price movements. It is more affected by war and war tactics, not only [perpetrated] by Iran, but also by the United States," said the expert who previously was Assistant Secretary-General for Economic Development in the UN Department of Economic and Social Affairs (2005-2012).
"It is clear that the UAE is now not taking sides with other producing countries, and this [affects] unity among producing [countries] to try to work together on influencing oil prices," he was quoted as saying by the Bernama news agency. The expert believes the long-term impact of the UAE’s actions on the global oil market, including Malaysia, remains limited.
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.
UAE Energy Minister Suhail Mohamed Al Mazrouei has said that the closure of the Strait of Hormuz restricting the flow of oil and petroleum products from the Gulf influenced the United Arab Emirates’ decision to leave OPEC and OPEC+ among other factors. The country took this step not to increase production, he noted, adding that it intends to remain a responsible producer.