The UAE left Opec and Opec+ on “good terms” and will continue to work with members of the group to stabilise oil markets, said Suhail Al Mazrouei, Minister of Energy and Infrastructure.
“This is not the first time that a member country exited the group. It happened before, and the group has been relatively calm about that,” Mr Al Mazrouei told the Make it in the Emirates summit in Abu Dhabi on Monday.
“We are not new to this market. We understand that we will always be acting responsibly. Hopefully, we will contribute as well to world stability between supply and demand.”
The UAE, the world's seventh-largest producer, withdrew from Opec on May 1, after more than five decades. The departure removes a key swing producer and came at a time of mounting pressure for the organisation and its expanded Opec+ group, as they confront a historic supply shock and internal compliance issues.
