UAE exits Arab oil exporter group OAPEC
The statement follows UAE's surprise announcement on 28 April of its departure from the OPEC and OPEC+ producer groups, to prioritise boosting its own output
The UAE flag flies over a boat at Dubai Marina, Dubai, United Arab Emirates. File Photo: Ahmed Jadallah/Reuters
The United Arab Emirates has left the Organization of Arab Petroleum Exporting Countries (OAPEC), an alliance that does not set production policies for its members, a statement from the intergovernmental organisation showed on Sunday.
The statement follows UAE's surprise announcement on 28 April of its departure from the OPEC and OPEC+ producer groups, to prioritise boosting its own output.
OAPEC was formed in 1968 with the aim of boosting cooperation among Arab oil exporters.
