The WSJ reports:
Now, according to emirate officials, the UAE is holding internal debates about pulling out of OPEC, a decision that will destabilize the cartel and undermine its power in global oil markets.
Crude oil is lower in the report as the United Arab Emirates pushes to pump more oil. It is one of the few countries with significant spare capacity and is also investing to further increase supply.
The story is about the wider chasm between Saudi Arabia and the UAE on the geopolitical front, especially with regard to the war in Yemen.
WTI
WTI
WTI is an abbreviation for West Texas Intermediate Crude Oil. WTI is a type of petroleum crude oil that acts as a benchmark for oil prices. A light and sweet crude oil produced in the western part of Texas, including the Permian Basin. WTI crude oil is considered a high quality oil due to its low sulfur content and high yields of gasoline and diesel fuel when refined.Used as a benchmark for pricing other types of crude oil, WTI crude oil prices
WTI is an abbreviation for West Texas Intermediate Crude Oil. WTI is a type of petroleum crude oil that acts as a benchmark for oil prices. A light and sweet crude oil produced in the western part of Texas, including the Permian Basin. WTI crude oil is considered a high quality oil due to its low sulfur content and high yields of gasoline and diesel fuel when refined.Used as a benchmark for pricing other types of crude oil, WTI crude oil prices
It reportedly fell to $1, down from around 60 cents last time. Look for pushback or confirmation on this in the coming days. Looking at OPEC production in February, the UAE produced 3.04 million barrels per day, with a baseline of 3.179 mbpd, but It has the capacity to produce 4 mbpd, with plans to possibly increase to 5 mbpd in 2025.