Trump says it's 'great' that UAE pulled out of OPEC
CNBC • • business
Key Points:
- President Donald Trump expressed strong support for the United Arab Emirates' decision to leave OPEC, believing it will help lower energy and gas prices.
- The UAE announced it will exit OPEC on May 1, ending a long-standing association with the cartel, citing national interest after reviewing its production policy and capacity.
- The decision is seen as a significant blow to OPEC, which has coordinated oil prices and production quotas for over six decades, with the UAE being the third-largest producer in the group.
- The move follows increased regional tensions, including repeated missile and drone attacks on the UAE by Iran, and Tehran's partial closure of the Strait of Hormuz, which has impacted UAE oil exports.
- Trump defended his administration's blockade of Iranian ports as "genius" and "100% foolproof," indicating it will remain until Iran concedes, while U.S. military plans for potential strikes aim to break the stalemate with Iran.
