The UAE’s decision to leave Opec was three years in the making and is based on its view the world is near the autumn of the hydrocarbon age, meaning the country needs to maximise oil revenues while it can, according to UAE presidential adviser Anwar Gargash, Reuters reports.

Anwar Gargash said the country’s exit was chiefly because its Opec production quotas kept output well below capacity.

“We see that we are close to the sort of autumn of the hydrocarbon age,” he added.

“And as a result, if you have the ability to produce and generate income and use that income in other investments, that’s what you should do.”

The UAE’s production capacity is 4.85 million barrels per day. It plans to raise it to 5 million bpd by 2027. Just before its exit from Opec and the wider Opec+ group, its production target was closer to 3.5 million bpd.