UAE has “no plans” to leave OPEC oil alliance despite WSJ report

Salma El Wardany and Anthony Di Paola, Bloomberg March 03, 2023

(Bloomberg) – The United Arab Emirates has no plans to leave the OPEC oil alliance, according to officials speaking on condition of anonymity.

The Wall Street Journal reported earlier that a growing rift with Saudi Arabia means the UAE is having internal discussions about quitting the producer group, a move that could potentially leave it free to lift output.

The UAE has said publicly and privately it is sticking to the current OPEC deal for at least this year.

The major producer has for some years been contemplating what alliances best suit its long-term interests, as the country seeks to monetize recent expansion in its production capacity. In a previous OPEC+ dispute with Saudi Arabia, the group’s policy decision was held up for weeks, though in the end a compromise was found.

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