Trump Welcomes UAE’s OPEC Withdrawal: “A Good Move to Lower Oil Prices”

Concerns Grow Over Prolonged Iranian Maritime Blockade
Brent Crude Approaches $120 per Barrel

UPI Yonhap News

U.S. President Donald Trump said on April 29 (local time) that he welcomes the United Arab Emirates (UAE) withdrawal from the Organization of the Petroleum Exporting Countries (OPEC), calling it a positive development that will drive down international oil prices.

According to CNN, during a press conference at the White House that day, President Trump was asked by reporters about his stance on the UAE’s departure from OPEC. He responded, “It will lower oil prices and bring down all prices, which is a good thing,” adding, “It’s a tremendous move.” Referring to UAE President Sheikh Mohammed bin Zayed Al Nahyan, he said, “I know him well. He’s a very wise man,” and added, “He probably wants to go his own way.”

Previously, the UAE announced that starting from May 1, it would officially leave OPEC and also withdraw from OPEC+, the coalition of major oil producers that includes OPEC and Russia. The country declared its intention to increase daily oil production, which had been capped at 3.4 million barrels under the OPEC quota, to 5 million barrels in the future. As the third-largest producer within OPEC, the UAE’s continued increase in production is expected to contribute to a decline in oil prices.

However, despite the UAE’s decision to withdraw from OPEC, international oil prices remain high due to ongoing concerns over a protracted Iranian maritime blockade. On the London ICE Futures Exchange, June Brent crude futures surged 6.1% to close at $118.03 per barrel. June West Texas Intermediate (WTI) futures in the United States also closed at $106.88 per barrel, up 6.95% from the previous day.

On the same day, Axios reported, citing U.S. officials, that “President Trump recently held private meetings with refining industry executives and discussed ways to minimize the impact on consumers, stating that the Iranian maritime blockade could persist for several months.”

This content was produced with the assistance of AI translation services.