UAE oil chief believes OPEC leaving accelerates investment
The head of the United Arab Emirate’s state-run oil company stated that the country’s unexpected departure from Opec provides it with enhanced capacity to expedite investment and growth. “It serves our national interests and long-term strategic objectives, aligns with our industrial, economic, and developmental ambitions, and gives us greater ability to accelerate investment, expand, and create value,” stated Sultan Al Jaber. Adnoc announced its intentions on Sunday, revealing plans to expedite a growth initiative with 200 billion dirhams ($55 billion) allocated for oil-project awards, which is part of an already disclosed $150 billion program.
The most recent statement was issued on the same day as a meeting of the Organization of Petroleum Exporting Countries, which reached an agreement on a modest and symbolic increase in their production quota levels for June. Opec’s influence on production levels has been a contentious issue regarding the UAE’s involvement in the organization for many years. UAE Energy Minister Suhail Al Mazrouei stated that the disruption caused by the war in West Asia created an opportune time for the country’s decision to exit the group.
It has reported that the UAE’s oil production capacity stands at 4.85 million barrels a day, surpassing evaluations made by several other agencies. “Any exit from Opec as a negative or vengeful reaction toward members is not constructive,” Iran’s Foreign Ministry spokesperson Esmaeil Baghaei said on Monday, commenting on the UAE’s decision to leave the oil producers’ group. Baghaei stated that Iran would uphold its commitments within Opec and criticized the UAE for exhibiting “inappropriate behaviour” in supporting Israel and the US during the conflict against it.
