The UAE withdraws from the Organization of Arab Petroleum Exporting Countries (OAPEC) | economy

The Organization of Arab Petroleum Exporting Countries (OAPEC) announced yesterday, Sunday, the UAE’s withdrawal from the organization, in a new step that reflects shifts in the Gulf state’s oil policy.

The General Secretariat of OAPEC announced that it had received a letter from the UAE Minister of Energy and Infrastructure, Suhail Mohammed Al Mazrouei, addressed to Khalifa Rajab Abdul Sadiq, the Libyan Minister of Oil and Gas and Chairman of the current session of the Organization’s Council of Ministers, and containing Abu Dhabi’s decision to withdraw from membership in the organization, as of May 1.

OAPEC expressed its “appreciation for the role played by the United Arab Emirates throughout the period of its membership, and its effective contributions in supporting the process of joint Arab action in the petroleum and energy sector,” and the organization’s General Secretariat stressed its “keenness to continue its efforts to enhance cooperation and integration among its member states, in a way that supports common interests through the implementation of its strategic programs and initiatives.”

OAPEC was established in 1968 with the aim of strengthening cooperation between Arab oil-exporting countries, and the UAE’s withdrawal will lead to a decline in the number of its members to 9 countries.

This development comes after the UAE announced on April 28 that it was withdrawing from the Organization of the Petroleum Exporting Countries (OPEC) and the OPEC Plus alliance, at the beginning of May, in a move aimed at giving it greater flexibility in managing its production.

The UAE seeks to raise its production capacity to 5 million barrels per day by 2027, after reaching about 4.85 million barrels per day, based on proven reserves estimated at about 111 billion barrels, and investments amounting to $150 billion during the period between 2023 and 2027.