"First sign of oil price relief: UAE says it wants OPEC to increase production"

[Me.]

On hearing this oil prices dropped 12% in the US and the report I head today gave Biden credit for the turnaround on this but is it being touted in the media? NO!

Also, the trump loving Saudis are being brats about this

“New York/Abu Dhabi (CNN Business)The oil market has been stretched incredibly thin, with few producers willing — or able — to replace Russian barrels banned by the United States and shunned by others. Enter the United Arab Emirates, which suggested it may be coming to the rescue.

The UAE's ambassador to Washington, Yousef Al Otaiba, told CNN Wednesday that the country wants to increase oil production and will encourage the Organization of the Petroleum Exporting Countries (OPEC) cartel to ramp up supply.

Otaiba's comments sent oil prices dropping like a rock Wednesday. US oil fell 12% to less than $109 a barrel. Brent crude, the global benchmark, fell 13% to $111 a barrel. It marked their steepest one-day decline in nearly two years.

If the UAE convinces its partners to turn on the spigots, it would mark a turnaround for the cartel, which at its meeting last week with allied producers — a group known as OPEC+ — agreed to stick with a plan of gradually adding oil to the market, defying pressure from developed economies to do more to ease prices.”

https://www.cnn.com/2022/03/09/energy/oil-uae-production-increase/index.html

[Me.]

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