The UAE is set to leave the OPEC and OPEC+ groups of oil exporting countries.
The decision will come into effect as of May 1, state news agency WAM reported on Tuesday.
“This decision follows a comprehensive review of the UAE’s production policy and its current and future capacity and is based on our national interest and our commitment to contributing effectively to meeting the market’s pressing needs,” the agency said.
“While near-term volatility, including disruptions in the Arabian Gulf and the Strait of Hormuz, continues to affect supply dynamics, underlying trends point to sustained growth in global energy demand over the medium to long term.”
The UAE joined OPEC in 1967, just seven years after the organisation was founded.