- Oil heads for a weekly loss amid reports that UAE could leave OPEC
- April ’23 WTI lost $1.90 this morning to trade around $76.26/Bbl
- Oil plunges after Wall Street Journal reported today that UAE is debating leaving OPEC
- Market continues to weigh the possibility of higher rate hikes and the subsequent slowdown in economic growth
- Yet, recovering Chinese demand supported by strong manufacturing and mobility data and Russian supply risk support prices
- UAE mulls leaving OPEC amid reports of disagreements with Saudi Arabia over oil and the Yemen war (WSJ)
- Saudi Arabia and the UAE have differed on a number of fronts, contending foreign investment, influence on the global oil markets, and disagreements over how to proceed with the Yemen war
- According to an Emirati official, the UAE is required to pump considerably less oil than it is capable of doing as part of the Saudi-led OPEC+, which hurts its oil revenue
- The Saudis have long opposed its requests to pump additional oil, according to OPEC officials
- The UAE is currently debating leaving OPEC, according to Emirati officials, a move that would likely upend the cartel and reduce its influence in the global oil markets
- Russian oil product exports decline due to EU sanctions (SPGlobal)
- Seaborne oil product exports from Russia averaged 2.13 MMBbl/d in February, a 21% decline from the recent high levels of about 2.7 MMBbl/d in January
- Russia struggles to find new buyers after the EU's sanctions on Russian refined oil products on February 5