UAE Ditches OPEC to Boost Oil Production Capacity
The United Arab Emirates has left OPEC, giving it greater flexibility to accelerate investment and expand its oil production capacity. According to Sultan Al Jaber, chief executive of Abu Dhabi National Oil Co., this move aligns with the country's long-term strategic objectives and industrial ambitions.
Adnoc plans to award 200 billion dirhams (US$55 billion) in oil-project contracts as part of a US$150 billion program. The company has already increased its production capacity to 4.85 million barrels per day, with a target of reaching five million by 2027.
Leaving OPEC is seen as a strategic move to reshape the country's economy and industrial base. As Al Jaber said, this decision connects energy, technology, and industry, aligning resources with national priorities to build a stronger, more resilient economy.