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Saturday, March 25, 2023

Rumors of the UAE’s withdrawal from OPEC have lowered global oil prices

Rumors of the UAE’s possible withdrawal from OPEC have contributed to lower global oil prices, as evidenced by data from London’s ICE stock exchange.

Earlier, the Wall Street Journal (WSJ) announced the UAE’s plan to withdraw from OPEC.

There is a sharp drop in oil brands Brent and WTI sharply. The May futures cost for Brent fell 2.1% to $82.97, and before the release was $84 a barrel. At the same time, the cost fell even more significantly, to $82.41 per barrel, after which a correction took place.

As for WTI crude oil futures for April delivery, their prices fell to $76.4 per barrel and the maximum drop was $75.88 per barrel. At the same time, before the publication of the WSJ article, they were trading at $77.5 a barrel.

Referring to representatives of the authorities of the United Arab Emirates, the WSJ published an article which indicated ongoing negotiations among the country’s elite on a possible exit from OPEC. According to reports, among the members of the government of the country, there are dissatisfied with the fact that, within the framework of joining the organization, the country must reduce its production, although the production capacities allow it to produce any further.

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