The Ambassador of the United Arab Emirates to the USA, Yousef Al Otaiba, explained in an article published in the Financial Times why his country decided to leave OPEC after decades of participation. According to him, this decision is not only economic but also related to deeper global changes.
Illustrative photo. Photo: Gabriela Maj/Bloomberg via Getty Images
Yousef Al Otaiba noted that OPEC was originally created for countries heavily dependent on oil exports. However, the UAE is no longer such a state: the share of the energy sector in its economy is less than a quarter. Instead, other industries are rapidly developing — aviation, logistics, high technologies, artificial intelligence, tourism, and the biomedical sector.
According to the diplomat, his country is actively expanding international cooperation and concluding economic agreements with various states. This shows that its interests are much broader than regulating oil supplies within the framework of collective agreements.
He named instability in the region as another reason. The UAE, he said, is interested in stability and builds its energy and foreign policy with this goal in mind.
It is also noted that within OPEC, the country could not fully utilize its oil production capabilities due to general quotas. Therefore, the UAE plans to increase production and invest the generated funds in infrastructure development and clean energy.
At the same time, the UAE authorities emphasize that they are not abandoning oil altogether but want to use its revenues to transition to more environmentally friendly energy sources.
In addition, the diplomat expressed dissatisfaction that Iran remains in OPEC, accusing it of violating international law and threatening energy security in the region.
The UAE officially left OPEC on May 1, stating that it will continue to increase oil production in accordance with demand and market conditions.
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