The United Arab Emirates has announced that it is leaving OPEC and the OPEC+ framework, with the decision taking effect on May 1. The country is thus withdrawing from one of the key mechanisms for co-ordinating oil production and regulating prices.
According to sources, the move followed dissatisfaction that a number of neighbouring states in the region, which are also members of OPEC, failed to provide Abu Dhabi with sufficient political support.
Donald Trump had previously criticised OPEC on repeated occasions, calling the organisation a “global monopolist” and accusing it of treating the United States unfairly. In particular, he faulted the cartel for refusing to agree to the kind of substantial drop in oil prices his administration had pressed for.