The UAE has announced its intention to focus on petroleum products after leaving OPEC+

After leaving the OPEC and OPEC+ organizations, the United Arab Emirates (UAE) announced its intention to focus on national interests and obligations to investors. This was announced on April 28 by the state agency WAM.

"Now is the time to focus on what is required in the UAE's national interest, its commitment to investment and import partners, and the needs of the market, and this is what they will focus on in the future," the statement said.

The agency noted that after leaving OPEC and OPEC+, the Emirates will remain committed to the stability of global markets or their approach based on cooperation with producers and consumers. The authors of the article note that such a decision will allow the country to respond more flexibly to changing market conditions.

The government will continue to invest in the entire value chain in the energy sector, including the oil and gas industry, renewable energy and low-carbon solutions.

The quotas are as follows: an increase in OPEC+ production will not stop the rise in oil prices

Why did the cartel decide to increase the limit by only 206 thousand barrels per day

Earlier in the day, the Reuters news agency, citing the UAE state media, reported on the withdrawal of the United Arab Emirates from OPEC and OPEC+ organizations. It is specified that the country's withdrawal from the associations is scheduled for May 1. It is noted that the decision was made after a "comprehensive review of the UAE's production policy."

On March 5, OPEC+ members increased oil production limits by 206,000 barrels per day in May. Eight countries participated in the video conference of the association: Russia, Saudi Arabia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman. Russia's OPEC+ oil production quota will grow by 62,000 b/d in May, to 9.7 million b/d.