The United Arab Emirates have announced that they are withdrawing from the Organization of Petroleum Exporting Countries (OPEC) and from the extended OPEC+ format, marking one of the most significant changes in the history of the cartel, reports on Tuesday, BBC.
The decision was made almost 60 years after the Gulf state’s accession, in 1967.
The authorities in Abu Dhabi have stated that the departure reflects the country’s “long-term strategic and economic vision“, as well as transformations in its energy sector.
The announcement represents a major blow for the organization, some analysts suggesting that it could signify the beginning of a period of decline for OPEC.
According to the statements of the Minister of Energy from the United Arab Emirates, the renunciation of the obligations imposed by the cartel will allow the country greater freedom in establishing its own production policies.
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