US President Donald Trump on Wednesday praised the UAE’s decision to withdraw from Opec, calling the move “great” and saying it could help lower oil prices.
Mr Trump told reporters that the move would also allow the country to pursue a more independent energy policy.
“I think it's great," he said, adding: "Ultimately, it’s a good thing for getting the price of gas down, getting oil down, getting everything down."
The UAE, the world’s seventh-largest oil producer, announced on Tuesday that it would leave Opec on May 1 after more than five decades.
Country officials say the move would give the UAE, which accounts for about 4 per cent of global oil production, greater flexibility in managing output.
The development comes amid major energy market disruption linked to the ongoing war with Iran.
Mr Trump called UAE President Sheikh Mohamed a “great leader”.
“I know him very well, Mohamed, and he’s very smart,” Mr Trump said. “He probably maybe wants to go his own way. That’s a good thing.”
The US President is facing his own pressures at home as the war with Iran has pushed up fuel prices.
Recent polls show that less than a third of Americans approve of his handling of the economy as the Iran war continues.
