On April 29, U.S. President Donald Trump expressed support for the United Arab Emirates’ decision to withdraw from OPEC and OPEC+.
“The move is great,” Trump said. “I know him well. Mohammed bin Zayed Al Nahyan is smart. Apparently, he wants to go his own way. He’s a great leader. I have no complaints.”
The former president suggested that the UAE’s departure could lead to lower oil and fuel prices.
On April 28, the United Arab Emirates announced its withdrawal from both OPEC and OPEC+, with the exit scheduled for May 1. Trading data showed Brent crude oil prices dropping to $104 by 15:55 Moscow time following the announcement.
A UAE official named Al Mazroui stated on April 29 that the country’s decision was prompted by the closure of the Strait of Hormuz and the naval blockades affecting its influence on global markets.
