UAE Leaves OPEC... Trump Says It Will Help Push Oil Prices Down

\r\n
\r\n[The Financial News]  President Donald Trump publicly welcomed the United Arab Emirates (UAE)'s decision to leave the Organization of the Petroleum Exporting Countries (OPEC) on the 29th local time, expressing hopes for lower oil prices.
Speaking to reporters at the White House that day, Trump called the UAE's exit from OPEC "a great thing" and said it "will ultimately help bring down oil prices and lower prices overall." Referring to President Mohammed bin Zayed Al Nahyan, he added, "He is a very smart man and seems to want to go his own way."
If the UAE's withdrawal becomes a reality, the remarks are seen as reflecting expectations of a broader global supply increase, since the country would be able to boost production without being bound by quotas. They also suggest a view that a weakened OPEC system could put downward pressure on oil prices.
Trump also raised alliance issues on the same day. While praising King Charles III, who is on a state visit to the United States, as "a fantastic person, a great king, and my friend," he again voiced dissatisfaction with the UK government. He said that if King Charles had held real power, he would have helped the United States in a war with Iran.
By contrast, he openly criticized the UK government led by Prime Minister Keir Starmer, calling it "not a good thing" for not responding to U.S. requests for support. The remarks suggest a distinction between the royal family and the government, and are being interpreted as reflecting a rift between the U.S. and the UK that has widened amid the recent war with Iran.
He also said in connection with trade policy that "companies from Canada, Mexico, Japan, South Korea, and Germany are building auto plants in the United States," adding that this is because "I have a very smart tariff policy." He went on to say, "The United States has been taken advantage of for a long time, but that era is over."
\r\n
km@fnnews.com Kim Kyung-min Reporter