The UAE is an important member of OPEC as it is the group's
third-largest producer after Saudi Arabia and Iraq and it is
considered to be one of the few members to hold significant
unused production capacity.
OPEC, Russia and other non-member producers, known as OPEC+,
have a deal in place to cut production by 2 million barrels per
day, about 2% of world demand, during 2023 to support the
market.
There was no immediate official comment from the UAE.
UAE energy minister Suhail al-Mazrouei said last year the
UAE's plans to raise its production capacity did not mean the
country was going to leave OPEC.
(Reporting by Maha El Dahan, writing by Alex Lawler, Editing by
Louise Heavens)
(Adds second source, oil price reaction, context on UAE's
position in OPEC)
By Maha El Dahan and Alex Lawler
DUBAI, March 3 (Reuters) - A media report that the
United Arab Emirates is considering leaving OPEC is "far from
the truth," two sources with direct knowledge of the matter told
Reuters.
Earlier on Friday, the Wall Street Journal reported that the
UAE is having an internal debate about leaving the Organization
of the Petroleum Exporting Countries.
Oil fell as much as $2 a barrel after the WSJ story, with
analysts citing concerns that this might impact the so-called
OPEC+ production cut deal that OPEC has in place with Russia and
other non-member countries.
"This is definitely not on the table," another source with
knowledge of the matter said, when asked about the WSJ report.
Oil later pared its decline and by 1740 GMT Brent crude was
up 78 cents at $85.52 a barrel.
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