Abu Dhabi, Apr. 28: The United Arab Emirates announced on Tuesday that it will exit the OPEC and OPEC+ oil group effective May 1 in a major setback to oil exporting groups and its leader Saudi Arabia amid the war in West Asia.

In a statement, the UAE energy ministry said, “This decision reflects the UAE’s long-term strategic and economic vision and evolving energy profile, including accelerated investment in domestic energy production, and reinforces its commitment to a responsible, reliable, and forward-looking role in global energy markets.”

As of February, the UAE was the third largest producer in the OPEC cartel, just behind Saudi Arabia and Iraq. UAE had joined OPEC in 1967 through its emirate of Abu Dhabi, and later when the UAE became its own country in 1971.

The country’s energy ministry further said, “Following its exit, the UAE will continue to act responsibly, bringing additional production to market in a gradual and measured manner, aligned with demand and market conditions.”

The Organisation of the Petroleum Exporting Countries (OPEC) and its allies, together are known as OPEC+ which was established in 1960 by founding members Saudi Arabia, Iran, Iraq, Venezuela and Kuwait. OPEC has since expanded and currently has 12 member countries, including the UAE.-Agencies