Washington: U.S. President Donald Trump said yesterday he supported the United Arab Emirates' announcement of its withdrawal from the Organization of the Petroleum Exporting Countries (OPEC), believing the move would help lower oil prices.
According to Thai News Agency, the U.S. leader, during a press briefing at the White House, described the developments as very welcome, believing it would ultimately lead to lower gas and oil prices. He also noted that OPEC was facing some internal issues.
The United Arab Emirates, one of the largest oil producers in the group, announced its withdrawal from OPEC on Tuesday, April 28, effective May 1. This will have a significant impact on the group of oil-producing countries, as the unprecedented energy crisis stemming from the Iran-Iran conflict clearly reflects the tensions among the Gulf Arab states.