Oil price dips as UAE endorses increased production
Global oil prices have skyrocketed due to the Russian invasion of Ukraine.
The United Arab Emirates today endorsed increasing oil production.
“We favor production increases and will be encouraging OPEC to consider higher production levels,” said UAE Ambassador to the United States Yousef Al Otaiba in a statement. "The UAE has been a reliable and responsible supplier of energy to global markets for more than 50 years and believes that stability in energy markets is critical to the global economy.”
Why it matters:
Oil prices have reached their highest levels since 2008 recently in response to the Russian invasion of Ukraine, briefly trading above $139 a barrel this week.
