Oil prices turn positive after falling by $2 a barrel on a report UAE is considering leaving OPEC
Publishing timestamp: 2023-03-03 11:59:37
Summary
The United Arab Emirates is internally discussing leaving OPEC, which would have a significant impact on the oil producer group's global clout. This is due to a growing rift between longtime close allies Saudi Arabia and UAE, and the UAE wanting to pursue its own oil production plans. Brent crude dropped as much as 2.8% on the news, but later recouped its losses and turned positive. Qatar and Ecuador have already left OPEC in the past four years.
Sentiment: NEUTRAL
Tickers: @LCO.1,
Keywords: united arab emirates, middle east, emerging markets, saudi arabia, economy, business news, markets, ice brent crude (apr'23), new york, energy, oil and gas,
Source: https://www.cnbc.com/2023/03/03/oil-prices-volatile-on-report-uae-is-considering-leaving-opec.html