UAE debates internally on whether to leave OPEC

The WSJ reports:

Now, said Emirati officials say, the UAE is having an internal debate about leaving OPEC, a decision that would shake the cartel and undermine its power in global oil markets.

Crude is lower on the report, as it's been the UAE pushing to pump more crude. It's one of the few countries with significant spare capacity and it's also been investing in growing supply further.

The story is about a broader drift apart between Saudi Arabia and the UAE on the geopolitical front, particularly in regards to the war in Yemen.

WTI WTI WTI is the short-hand for West Texas Intermediate crude oil. WTI is a type of petroleum crude oil that serves as a benchmark in oil pricing. It is a light, sweet crude oil that is extracted from West Texas area in the United States, including the Permian Basin. WTI crude oil is considered to be a high-quality oil due to its low sulfur content and high yields of gasoline and diesel fuel when refined. It is used as a benchmark for pricing other types of crude oil, and the price of WTI crude o WTI is the short-hand for West Texas Intermediate crude oil. WTI is a type of petroleum crude oil that serves as a benchmark in oil pricing. It is a light, sweet crude oil that is extracted from West Texas area in the United States, including the Permian Basin. WTI crude oil is considered to be a high-quality oil due to its low sulfur content and high yields of gasoline and diesel fuel when refined. It is used as a benchmark for pricing other types of crude oil, and the price of WTI crude o Read this Term extended declines to $1 on the report, from around 60-cents beforehand. Look for either some pushback or confirmation of this in the coming days. If you look at February OPEC production, the UAE is pumping 3.04 million barrels per day and has a baseline of 3.179 mbpd but says it has the capacity to pump 4 mbpd and has plans to boost that to 5 mbpd, perhaps as soon as 2025.