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.
Keep updated, follow The Business Standard's Google news channel
