US President Donald Trump on Wednesday welcomed the United Arab Emirates’ decision to withdraw from OPEC, saying the move could help bring down global oil prices. The UAE had joined OPEC in 1967 through Abu Dhabi and remained a member after the federation was formed in 1971. Today, OPEC controls nearly 80 per cent of the world’s proven oil reserves but produces only around 40 per cent of global crude, carefully managing supply to influence prices and support member economies. The UAE was OPEC’s third-largest producer in February, behind Saudi Arabia and Iraq, highlighting the significance of its departure.
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