PNN – The UAE announced that it would withdraw from OPEC and OPEC+ due to its efforts to develop the energy sector.
According to the report of Pakistan News Network; The UAE announced that it will withdraw from the Organization of the Petroleum Exporting Countries (OPEC) and OPEC+ due to its efforts to develop the energy sector.
According to Sky News, the UAE announced on Tuesday, at the same time as the Gulf Cooperation Council (GCC) summit in Jeddah, Saudi Arabia, that it will withdraw from OPEC and OPEC+.
The UAE’s energy minister says the decision is in line with the country’s long-term economic and strategic vision and the development of the energy sector.
The Emirati minister also added that the decision is to accelerate investment in domestic energy production while Abu Dhabi strengthens its role as a reliable and responsible producer.