Investing.com — The United Arab Emirates has withdrawn from the Organization of Arab Petroleum Exporting Countries, according to a statement released by the intergovernmental organization on Sunday.<\/p>\n
The move comes after the UAE announced its exit from OPEC and OPEC+ on April 28, stating plans to focus on increasing its own oil production.<\/p>\n
OAPEC, established in 1968, was created to enhance cooperation among Arab oil exporting nations. Unlike OPEC, the organization does not establish production policies for its member countries.<\/p>\n
The UAE’s departure from OAPEC marks another step in the country’s shift away from multilateral oil production frameworks.<\/p>\n
Earlier, UAE’s Abu Dhabi National Oil Company (ADNOC) said that it will award 200 billion dirhams ($55 billion) in projects for 2026-2028 to accelerate growth and deliver its strategy.<\/p>\n
The planned awards reinforce ADNOC’s five-year capital expenditure plan and will usher in a new phase of world-scale project execution across its value chain to meet growing global energy demand, the company said.<\/p>\n
The war in Iran has intensified divisions among key Arab countries and closed the Strait of Hormuz, the main export route for the group\u2019s top oil producers. As a result, the major oil producing countries in the gulf region has lost its ability to influence the market during a major supply shock.<\/p>\n
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