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Suhail Al Mazrouei, UAE Minister of Energy and Infrastructure said that UAE plans to produce 5 million barrels of oil per day by 2027.
The ministry highlighted that the UAE’s decision to withdraw from OPEC and the OPEC+ alliance, following a thorough review of policies in the oil and gas sector and the pivotal role our national companies play today, both domestically and internationally, through investments across all supply chains, necessitates that we, as a forward-looking nation in the age of artificial intelligence and rapid decision-making, remain independent of any group.
Al Mazrouei, speaking to Al Etihad News Centre, said, “We respect OPEC and have worked with them for over fifty years in ways that benefit the market.
Al Mazrouei added, “This is a new phase for us, requiring swift decision-making. The closure of the Strait of Hormuz has led to a significant depletion of strategic reserves in many countries worldwide, necessitating increased investment and production to bridge the gap. This also requires us to be prepared. The UAE has a previously announced, clear, and transparent plan to produce 5 million barrels per day by 2027.
“We are working to implement this plan.
“The UAE will be a responsible producer, capable of meeting global needs and contributing effectively with all producers to filling the gap created by the Strait’s closure. The UAE wishes all producers, whether in OPEC or OPEC+, success in their endeavors, and we hope, God willing, to be an active and contributing member of the global energy security community.”
The UAE’s decision to leave OPEC will sharply diminish the 65-year-old producer group’s influence over the oil market, opening the door to an all-out price war once Gulf producers rush to regain market share when the Iran war is over.
The surprise move comes at a time of unprecedented turmoil in energy markets as Gulf oil and gas exports have remained largely paralysed for two months due to the closure of the Strait of Hormuz, which has muted OPEC’s traditional ability to manage the oil market during times of distress.
Al-Mazrouei told said the decision to leave the Organization of the Petroleum Exporting Countries was driven by the need to meet rising global energy demand.
