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BREAKING
Israeli media: Direct damage from Iranian bombing of "Israel" in one week is estimated at approximately 5 billion shekels (about $1.35 billion)
Unprovoked aggression against Iran has no basis or justification: Putin
Shahid Beheshti University Public Relations: The Israeli aggression targeted a building belonging to Shahid Beheshti University with the aim of sabotaging Iran's cultural and scientific infrastructure
Al Mayadeen correspondent: The Fordow nuclear facility was bombed once again, 24 hours after the US aggression.
Fars News Agency, citing informed sources: The Iranian Armed Forces used the Kheibar-Shekan, Emad, Ghadr, and Fattah missiles in their attacks on the Israeli entity today
Sirens sound from the occupied Golan Heights to Akka and Nahariya
Sirens sound again in the occupied Golan Heights and al-Jalil
Israeli media: Power outages reported in several settlements following a missile attack targeting an infrastructure facility
Israeli media: Strategic location in the south likely hit
Israeli media outlet: Reports of missiles falling in at least 7 areas, including Askalan, Safad, and Isdud

Oil prices fell sharply after reports of UAE mulling OPEC withdrawal

  • By Al Mayadeen English
  • Source: Agencies
  • 3 Mar 2023 20:10
2 Min Read

The report published by The Wall Street Journal cited tensions among Gulf countries being the reason for this possible withdrawal - particularly with Saudi Arabia.

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Following the issue of a report by The Wall Street Journal that said the UAE is contemplating its withdrawal from the OPEC oil cartel, global oil prices have slumped at dramatic levels, with the price of May futures for Brent crude falling by 2.1% to $82.97 per barrel, and April futures for WTI falling by 2.25% to $76.4 as of 14:25 GMT. 

The report cited tensions among Gulf countries being the reason for this possible withdrawal - particularly with Saudi Arabia.

That is because the UAE has long called for an increase in the production of oil which has been constrained by its membership in the cartel, but the Saudis have declined the UAE's request. 

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The report further noted that a potential withdrawal would result in major downfalls for OPEC in global oil markets. 

The claims nonetheless remain mere rumors as the article cites anonymous Emirati officials. 

A few minutes ago, Bloomberg reported that the UAE has no plans to leave OPEC, resulting in a swift price recovery. 

Rollercoaster ride in Oil… first rumors began to circulate that the UAE was considering leaving OPEC and oil prices dropped dramatically and now strong ISM services with weaker prices and rumour denial led the bounce back up…. pic.twitter.com/j5w7hzkMEw

— IOTAF (@iotafmarkets) March 3, 2023

Read more: OPEC+ fails to produce required amount of oil under deal: IEA

  • OPEC
  • UAE
  • WTI
  • Brent crude oil

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