ADNOC CEO says UAE's exit from OPEC not directed against anyone

DUBAI - UAE ADNOC CEO Sultan al Jaber said on Monday the country's decision to reposition itself within the global energy landscape and exit OPEC and OPEC+ was not directed against anyone.

The move serves UAE's national interests and long-term strategic objectives, Al Jaber said, giving it greater ability to accelerate investment, expand and create value, while remaining remain a trusted and responsible partner in global energy markets.

ADNOC said on Sunday 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 UAE’s exit from the influential oil producers’ alliance comes at a critical time. The ongoing Iran-Gulf conflict, now in its eighth week, has created unprecedented risks to energy supplies, with repeated threats to the Strait of Hormuz and direct attacks on energy infrastructure across the region.

By leaving OPEC and OPEC+, the UAE aims to regain full control over its production decisions, allowing it to respond more nimbly to market conditions, international demand, and its long-term economic diversification goals under the “We the UAE 2031” vision.

Al Jaber reassured partners that the UAE remains committed to stable global oil markets and will continue to invest heavily in both traditional and low-carbon energy solutions.

The country plans to maintain strong bilateral relationships with former OPEC+ partners, including Saudi Arabia, while pursuing independent strategies.