"Emirates' exit from OPEC, in national interests" - ADNOC CEO: It is not directed against anyone
The United Arab Emirates' decision to leave OPEC and OPEC+ was not directed against anyone but was intended to serve national interests, Abu Dhabi National Oil Company CEO Sultan Al Jaber said on Monday.
The oil-rich Gulf country left the group on May 1, deepening a rift with its neighbor, Saudi Arabia, which is effectively the leader of the Organization of the Petroleum Exporting Countries.
"The sovereign decision of the UAE to reposition itself within the global energy landscape and to leave OPEC and OPEC+ is not a decision directed against anyone," Al Jaber said in a speech at the "Make It In The Emirates" conference.
Once strong allies, the United Arab Emirates and Saudi Arabia have developed a fierce rivalry, clashing over issues from oil politics and regional geopolitics to the competition for talent and foreign capital.
Al Jaber said the move to leave OPEC served the UAE's national interests and long-term strategic objectives, giving it greater ability to accelerate investment, expand and create value, while remaining a reliable and responsible partner in global energy markets.
He also called on the UAE's private industrial sector and sovereign wealth funds to take bold decisions despite the US-Israeli war with Iran, saying the UAE had shown resilience and stood firm against Iranian attacks.
The United Arab Emirates has long been seen as a stable regional business and financial hub, as well as a close US ally in the Middle East. However, Iranian missile attacks on US bases and Gulf states have shattered the region's safe haven aura and rattled investors.
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