The UAE Announces Withdrawal from OPEC and OPEC+; Trump Could Be the "Biggest Winner"

April 28 — The United Arab Emirates (UAE) announced Tuesday it will withdraw from OPEC and OPEC+ starting May 1. Amid the Iran war that has sparked a historic energy shock and jolted the global economy, the move has dealt a heavy blow to the organization and its de facto leader, Saudi Arabia. As a longstanding OPEC member, the UAE’s unexpected exit could trigger chaos within the group and weaken its influence — even though OPEC typically aims to present a united front on issues ranging from geopolitics to production quotas. For U.S. President Trump, this could be a big win. Trump has accused OPEC of “extorting the rest of the world” by jacking up oil prices. He has also tied U.S. military support for the Gulf region to oil prices, stating that while the U.S. defends OPEC member countries, they are “taking advantage by setting sky-high oil prices.” The UAE is a regional business hub and one of Washington’s key allies. Prior to the withdrawal, the UAE criticized other Arab nations for not doing enough to protect themselves from multiple Iranian attacks during the war. (Golden Ten)