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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    News of the UAE's "withdrawal" from OPEC and fears of a shake-up in the oil market

    Rocky
    Rocky
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    Posts : 278671
    Join date : 2012-12-21

    News of the UAE's "withdrawal" from OPEC and fears of a shake-up in the oil market Empty News of the UAE's "withdrawal" from OPEC and fears of a shake-up in the oil market

    Post by Rocky Fri 03 Mar 2023, 2:05 pm

    News of the UAE's "withdrawal" from OPEC and fears of a shake-up in the oil market

    [You must be registered and logged in to see this link.] |Today, 22:17 |
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    The American network (CNBC) revealed that the global oil markets were exposed, today, Friday, to a deterioration in prices that reached two dollars per barrel, after news spread of the UAE’s intention to withdraw from OPEC and exit it permanently. 
    The network confirmed, according to a report translated by (Baghdad Today), that "news spread this morning about discussions taking place within the UAE government with the aim of discussing withdrawal from the thirteen-member OPEC, which led to a decline in oil prices, from which the markets managed to recover later during the day."
    And she indicated, "Because of the great differences and the great rift in relations between the UAE and Saudi Arabia, the (Wall Street Journal) newspaper published news of the UAE's intention to withdraw from the oil (contract) cartel, which led to great concern within the global oil markets," noting, " The UAE Ministry of Energy did not comment on the news after being contacted by the network. 
    The network's information also pointed out that the UAE's withdrawal will lead to a "significant increase" in oil production by it outside the (OPEC) restrictions, which will lead to an increase in global supply and a decrease in demand that will lead to a decrease in global oil prices, according to its description.
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