Oil recovers after UAE says no plans to leave OPEC
The price of Brent crude oil fell after a report on tension in the oil cartel between the United Arab Emirates and Saudi Arabia.
Global oil prices fell but then bounced back on Friday after reports on tensions between the United Arab Emirates and Saudi Arabia in the Organization of the Petroleum Exporting Countries (OPEC).
What happened: The Wall Street Journal reported Friday that the two Gulf allies are in disagreement about oil production. The UAE wants to pump more oil to boost its revenues, but Saudi Arabia has said no. The UAE was reported to be considering leaving OPEC as a result.
The report also noted increasing disagreements between the UAE and Saudi Arabia on the war in Yemen, specifically regarding the Emirates’ plan to build a military base in the country.
The price of Brent crude oil fell from more than $84 a barrel to below $83 a barrel on the back of the report, according to market data. Brent crude oil is widely considered the global benchmark for global oil prices.
