UAE advisor: Exiting OPEC has been in preparation for three years, aiming to maximize oil revenue before the "autumn of the hydrocarbon era"

(1) The UAE President's Senior Advisor Gargash stated that the country's decision to withdraw from OPEC was three years in the making. The core judgment is that the world is approaching the "autumn of the hydrocarbon era," so it is necessary to maximize oil revenue when conditions permit and invest the proceeds into other ventures. (2) The UAE ended its nearly 60-year OPEC membership on May 1. In the short term, since Iran has effectively closed the Strait of Hormuz, the withdrawal will have limited impact on the market; however, once oil supplies return to normal, this move could significantly weaken OPEC's ability to control supply. (3) Gargash pointed out that the main reason for leaving OPEC was that quota restrictions kept the UAE's output far below its capacity. He emphasized: "We are approaching the autumn of the hydrocarbon era. If you have the ability to produce and generate revenue, you should do so."