US Treasury Welcomes UAE’s Exit from OPEC, Hail End of ‘Oil Monopoly Era’
The United States Treasury Secretary has welcomed the United Arab Emirates’ decision to leave the Organization of the Petroleum Exporting Countries (OPEC), claiming the move could lead to the “collapse of the oil monopoly era.”
According to international media reports, Scott Bessent described Abu Dhabi’s official announcement as a significant shift in the global oil market structure. Without providing further details, he viewed the UAE’s departure as a step toward changing the traditional balances in the energy market.
The UAE had previously announced its exit from the OPEC+ coalition. Meanwhile, the Organization of Arab Petroleum Exporting Countries (OAPEC) has also confirmed the end of the UAE’s membership.
In contrast, Mohammed Al-Sabban, a former advisor to Saudi Arabia’s Energy Minister, called the decision questionable under current circumstances. He pointed out the UAE’s limited spare production capacity, suggesting that the country’s exit would not have a significant impact on the stability of OPEC+ or its role in global markets.
Al-Sabban also noted that the timing of this move could be a subject of debate, questioning whether it would have been better for the UAE to wait until its production capacity reached five million barrels per day.
He added that it is possible the United States played a role behind this decision. According to him, Donald Trump, the current US President, is keen to position himself as an influential player in the global oil market; nevertheless, Al-Sabban emphasized that these developments will not necessarily lead to the weakening of the OPEC+ coalition.
