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2026-05-25 09:03:53
[UAE Advisor: Three Years of Deliberation Before Exiting OPEC Aimed at Maximizing Oil Revenue Before the "Autumn of the Hydrocarbon Era"] (1) UAE President's Senior Advisor Gargash stated that the country's decision to exit OPEC was three years in the making, with the core judgment being that the world is approaching the "autumn of the hydrocarbon era," thus requiring maximizing oil revenue when conditions permit and investing the proceeds in other areas. (2) The UAE ended its nearly 60-year membership in OPEC on May 1. In the short term, the decision's impact on the market is limited due to Iran's de facto closure of the Strait of Hormuz; however, once oil supplies return to normal, this move could significantly weaken OPEC's ability to control supply. (3) Gargash pointed out that the main reason for exiting OPEC was that quota restrictions resulted in the UAE's production being far below its own capacity. He emphasized: "We are approaching the autumn of the hydrocarbon era, and if you have the ability to produce and generate revenue, you should do it."
