Baghdad / NINA / – International oil prices recorded a sharp decline, after it was reported, according to Emirati officials, that the UAE is conducting internal discussions about the possibility of withdrawing from the “OPEC” organization.
The Wall Street Journal wrote, quoting unnamed Emirati officials, that “the UAE is conducting internal discussions about withdrawing from OPEC. This decision will shock the organization and undermine its influence in global oil markets.”
And by 14:25 GMT, the price of Brent crude futures for May delivery fell by 2.1%, to reach a price of $ 82.97 a barrel, and futures contracts for West Texas Intermediate crude oil for April delivery – by 2.25%, to reach a price of $ 76.4.
Before the Wall Street Journal was published, Brent crude was around $84 and WTI was $77.5. The maximum for Brent crude fell by 2.8% to $82.41, and West Texas Intermediate crude – by 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.
The report says, quoting delegates in OPEC: “it has always insisted on increasing production, but the Saudis refused.”
Source: National Iraqi News Agency