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Post: Oil prices drop after media reports of possible UAE exit from OPEC


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World oil prices fall after WSJ releases about possible UAE withdrawal from OPEC

MOSCOW, March 3 – RIA Novosti. After the publication, world oil prices fell sharply The Wall Street Gazette About the possible exit of the United Arab Emirates from OPEC.

Referring to the unnamed UAE officials, the newspaper wrote that similar discussions took place in the country.

“This decision will shock the cartel and weaken its influence in the global oil markets,” the publication says.

As of 17:25 Moscow time, the May futures price of Brent crude oil fell 2.1 percent to $82.97 a barrel, and WTI’s April futures price fell to 76.4 – 2.25 percent. Before release, Brent was about $84, WTI was $77.5.

The authors of the material also noted that the UAE, due to its participation in OPEC, produces less oil than it can produce according to its production capacity. This hurts the government’s revenue from the sale of energy resources. The WSJ added that the country had long pushed for an increase in production, but Saudi Arabia was opposed to it.

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Source: Ria

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