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UAE left OPEC due to low size of oil quota: Ex-envoy Navdeep Suri

Former envoy Navdeep Suri noted that higher UAE output could help stabilise oil prices once supply conditions normalise, but warned it may also increase global price volatility due to a weaker OPEC structure

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Navdeep Singh Suri on UAE's exit from OPEC. PIC/X

Navdeep Singh Suri on UAE's exit from OPEC. PIC/X

The UAE had been thinking of leaving the Organisation of Petroleum Exporting Countries (OPEC) cartel for the last five years as the oil quota allotted to the country by the Saudi Arabia-dominated group was not considered sufficient, according to Navdeep Singh Suri, India’s former Ambassador to the United Arab Emirates and Egypt.    

In an exclusive interview with IANS, Suri said: "There were indications as early as July 2021 that they were not happy with the quota that was allocated to them, about 2.7 million barrels per day. And they had said that if the quota is not raised, they might consider leaving."

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