UAE's exit from Opec not directed against anyone, Adnoc CEO says

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.

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"The United Arab Emirates' sovereign decision to reposition itself within the global energy landscape, and to exit OPEC and OPEC+, is not a decision directed against anyone," Al Jaber said in a speech at the "Make It In The Emirates" conference.

He also called on the private industrial sector and the UAE's sovereign wealth funds to make bold decisions despite the US-Israeli war with Iran, saying the UAE had shown resilience and stood firm against Iranian attacks.

"This phase requires serious and bold decisions. Investing at home, or direct domestic investment, is no longer an option; it is a priority," Al Jaber said.