The United Arab Emirates' decision to leave OPEC and the "OPEC+" alliance is a strategic move based on its economic vision, not a political one, according to UAE Energy Minister Suhail Al Mazrouei.

In a statement on social media, Al Mazrouei explained that the decision followed a thorough assessment of the country's production policy and future capabilities. It is rooted in the UAE's national interests, its responsibility as a reliable energy supplier, and its firm commitment to maintaining market stability.

The UAE, a member of the oil-producing group since 1967, announced its exit earlier this month.

"This decision is not based on any political considerations and does not indicate any disagreement between the UAE and its partners," Al Mazrouei stated.

The minister described the withdrawal as a "sovereign and strategic choice," stemming from the nation's long-term economic vision, the evolution of its capabilities in the energy sector, and its steadfast commitment to global energy security.

Prior to the outbreak of conflict in the region, the UAE's daily production was slightly above 3 million barrels, broadly in line with the targets set by OPEC+. Abu Dhabi's original target production capacity was 4.9 million barrels per day. However, due to the impact of the conflict, the UAE's daily output has now fallen to between 1.8 and 2.1 million barrels.

Following the UAE's announcement, Jorge Leon, Head of Geopolitical Analysis at Rystad Energy, noted that the UAE is the most influential member of OPEC after Saudi Arabia. Like Saudi Arabia, it is one of the few members with significant spare capacity, enabling it to influence oil prices and respond to supply shocks.

Spare capacity refers to idle production that can be quickly brought online to address major crises. Saudi Arabia and the UAE together control the majority of the world's total spare capacity, which exceeds 4 million barrels per day, giving them particularly significant influence during periods of market volatility.

On Friday, oil prices rose amid market speculation that geopolitical tensions in the region might be refocusing attention.

The international benchmark Brent crude futures for July delivery rose over 3%, closing at $109.26 per barrel. U.S. West Texas Intermediate (WTI) crude futures for June delivery climbed over 4%, settling at $105.42 per barrel.

Year-to-date, Brent crude prices have surged 74%, though they remain below the peak of $118 per barrel reached in late April.

Also on Friday, Abu Dhabi announced it is accelerating the construction of a new east-west oil pipeline to Fujairah to expand its export capacity and bypass the critical Strait of Hormuz shipping chokepoint.

The project, expected to be operational by 2027, will double the export capacity of the Abu Dhabi National Oil Company (ADNOC).