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Investing.com -- The United Arab Emirates has withdrawn from the Organization of Arab Petroleum Exporting Countries, according to a statement released by the intergovernmental organization on Sunday.
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.
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.
The UAE's departure from OAPEC marks another step in the country's shift away from multilateral oil production frameworks.
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.
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.
The war in Iran has intensified divisions among key Arab countries and closed the Strait of Hormuz, the main export route for the group’s 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.
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