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UAE Withdrawal From OPEC Causes Drastic Drop in World Oil Prices

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World oil prices recorded a sharp decline after Emirates officials reported that the UAE was conducting internal discussions on the possibility of leaving OPEC.

The Wall Street Journal, citing unnamed Emirates officials, wrote that “the UAE is in internal talks to leave OPEC. This decision will shock the organization and undermine its influence in the global oil markets.”

And by 14:25 Moscow time, the price of futures for Brent crude for May delivery fell 2.1% to $82.97 per barrel, and futures for West Texas Intermediate crude for April delivery fell by 2.25%, to $82.97 per barrel. price $76.4.

Before the Wall Street Journal was published, Brent oil was about $84 and WTI was $77.5. The high for Brent crude fell 2.8% to $82.41, while West Texas Intermediate oil fell 2.9% to $75.88.

It is noted that due to participation in OPEC, the country is forced to produce less oil than it can in terms of production capacity, which hurts oil revenues. “I have always insisted on increasing production, but the Saudis refused,” the report says, citing OPEC delegates.

Source: News

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