Rumors about the UAE’s withdrawal from OPEC led to a drop in oil prices on the world market

An article about the possible exit of the United Arab Emirates from OPEC, published by the American edition of The Wall Street Journal, provoked a drop in oil prices on the global market. Relevant information provided RIA News.

The publication was made public at 16:55 Moscow time. Half an hour later, the cost of May futures for “black gold”, issued under the Brent brand, decreased by 2.1 percent and amounted to $82.97.

An even greater reduction was demonstrated by April futures from the WTI brand. The price fell to $76.4 per barrel, although before the article this figure was 2.5 percent higher.

At the same time, WSJ journalists noted that Abu Dhabi is forced to reduce oil production precisely because of its participation in OPEC. A special role in this initiative belongs to Saudi Arabia, the material says.

According to the publication, the withdrawal of the UAE from the organization could undermine the influence of the participating countries. The authors of the publication did not rule out that the prestige of the oil-producing states on the world market would be greatly shaken.

Earlier it became known that the leadership of OPEC highly appreciates Libya’s desire for unity and strengthening of the organization. This was stated by the Secretary General of the international structure Haytham Faisal al-Ghais.