economy

April 29, 2026

Trump says it's 'great' that UAE pulled out of OPEC

The UAE has faced repeated missile and drone attacks by Iran, a fellow OPEC member, as it responds to the U.S.-Israeli war.

Trump says it's 'great' that UAE pulled out of OPEC

TL;DR

  • President Trump believes the UAE's exit from OPEC will lower energy prices.
  • The UAE announced its departure from OPEC on May 1st, ending a long association with the group.
  • The UAE was OPEC's third-largest oil producer in February.
  • The UAE's decision follows repeated missile and drone attacks by Iran, a fellow OPEC member.
  • Iran's actions have disrupted the UAE's oil exports and threatened its economy.
  • The U.S. has imposed retaliatory blockades on Iranian ports.
  • Negotiations with Iran are at a stalemate, with the U.S. considering further strikes.

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