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Strait of Hormuz developments

Minister says closure of Strait of Hormuz influenced UAE decision to leave OPEC

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

NEW YORK, April 29. /TASS/. The closure of the Strait of Hormuz influenced the United Arab Emirates’ decision to leave OPEC and OPEC+ among other factors, UAE Energy Minister Suhail Mohamed Al Mazrouei said.

"If you look at the supply and demand balance, and with the closure of the Strait of Hormuz restricting the flow of crude and products from the Gulf to the world, you need to act and to do strategies different from any ones before," he said in an interview broadcast on CNBC.

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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