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 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.
