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After a considerable drop in oil prices



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Oil prices rose by more than 5% on Thursday as the United Arab Emirates, OPEC’s producer, appears to distance itself from statements issued the day before that the country will support increased production among member states. by Digi24.

Oil prices fell by as much as 17 percent on Wednesday after United Arab Emirates Ambassador to Washington Yousuf Al Otaiba said he supported accelerating production.

“We encourage increased production and will encourage OPEC to consider a higher number of production volumes,” Al Otaiba said in a message posted on Twitter by the United Arab Emirates Embassy in Washington.

However, a few hours later, the Minister of Energy of the United Arab Emirates, Suhail Al-Mazrouei, announced that he wants to attenuate Al Otaiba’s message, writing on Twitter that the country remains faithful to the current OPEC + agreement.

“The UAE is dedicated to the OPEC + agreement and the current monthly production adjustment mechanisms,” he said.

In the United States, crude Brent futures rose 5 percent to $ 116.6 a barrel on Thursday. At the same time, futures contracts on West Texas Intermediate were up 4% to $ 113.2 a barrel, according to MarketWatch data, Business Insider writes.

Oil has fluctuated sharply in the last two weeks. According to Bloomberg sources, the United Arab Emirates did not consult with other OPEC + members before launching their statements on Wednesday, and most likely, Ambassador Al Otaiba’s proposal generated tensions within the organization. The last meeting of the member states lasted only 13 minutes, and the OPEC states decided to maintain their plan to increase production by 400,000 barrels of oil in April.

OPEC countries did not mention the war between Russia and Ukraine, one of the main factors behind recent oil spills.