How the Iran War Scored Trump His Biggest OPEC Win Yet
The UAE's decision to leave OPEC on May 1 marks a significant shift in the oil market dynamics, largely influenced by the ongoing Iran war. This move is seen as a strategic win for President Trump, who has criticized OPEC for manipulating oil prices. The UAE aims to increase its production capacity and pursue its own energy interests independent of OPEC's restrictions.
- ▪The UAE will exit OPEC on May 1, reflecting its strategic and economic vision.
- ▪The Iran war has heightened oil prices and influenced the UAE's decision to leave OPEC.
- ▪The UAE plans to raise its oil production capacity to 5 million barrels per day by 2027.
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...By Newsweek EditorsShareNewsweek is a Trust Project memberSee more of our trusted coverage when you search.Prefer Newsweek on Googleto see more of our trusted coverage when you search.It was a stunning announcement: The UAE is leaving the oil cartel OPEC on May 1 this year. The news will be warmly welcomed in the White House as a win for President Donald Trump, who has long railed against OPEC for distorting oil prices by artificially adjusting supply against market forces, accusing it of "ripping off the rest of the world" in a fiery 2018 speech to the U.N.
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