The United Arab Emirates defended its May 5 decision to exit OPEC and the broader OPEC+ alliance. Sultan Ahmed Al Jaber, UAE Industry Minister and ADNOC CEO, characterized the withdrawal as a sovereign decision.
Al Jaber emphasized that the Strait of Hormuz must remain open to ensure global economic stability. He stated the critical waterway should not be used as a tool of coercion.
These comments follow an Iranian drone strike on an ADNOC tanker, which the UAE classified as a terrorist attack. The ongoing conflict has effectively shut down the strait.
A significant portion of global oil supply typically passes through this waterway. The current closure highlights severe geopolitical risks to international energy supply chains.