UAE favors oil production increase - ambassador to U.S.
March 9 (Reuters) - The United Arab Emirates (UAE) favors an oil production increase and will be encouraging OPEC to consider higher output, the UAE's ambassador to Washington said on Wednesday.
"We favor production increases and will be encouraging OPEC to consider higher production levels," Ambassador Yousuf Al Otaiba said in a statement tweeted by the UAE Embassy in Washington.
U.S. oil prices take sudden leg downward, now off 10%, following a March rally to 13-year highs
Oil prices dropped in a sudden move on Wednesday, giving back some of the rally this month amid supply disruptions stemming from Russia’s invasion of Ukraine.
WTI crude oil tumbled more than 13% to trade at $108 per barrel, on track for its worst day since April 2020. Earlier this week, WTI topped $130 per barrel briefly — a 13-year high — during escalated geopolitical tensions.
Brent crude oil, the international benchmark, fell a similar 12% to $112, headed for its biggest one-day drop since November. Brent hit $139 on Monday, its highest since 2008.
The move in oil lower came amid indications of possible
I don't know if the UAE picked up the phone or if there was even a call made. The Emirates did what we wanted them to do regardless.