UAE Officials Deny Report They’re Considering Quitting OPEC - Bloomberg
The United Arab Emirates has no plans to leave the OPEC alliance, officials said on condition of anonymity, denying a report that sent oil prices tumbling.
The Wall Street Journal reported earlier that a growing rift with Saudi Arabia meant the UAE was discussing quitting the producer group, a move that would potentially leave it free to lift output.
The UAE has said publicly and privately it is sticking to a deal with fellow members of the OPEC+ alliance that will remain in effect for the rest of this year. Brent crude futures, after initially plunging as much as 2.8% on the WSJ’s report, subsequently pared losses to trade above $85 a barrel.
Abu Dhabi has for some years contemplated what alliances best suit its long-term interests, as it seeks to monetize increases in production capacity. That project brought it into conflict with Saudi Arabia and other OPEC+ nations in 2021, igniting a feud that almost splintered the entire coalition, though a compromise was found.
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