First sign of oil price relief: UAE says it wants OPEC to increase production
CNN
The oil market has been stretched incredibly thin, with few willing -- or able -- producers to replace Russia's taboo fossil fuel supply. Queue 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 $108 a barrel. Brent crude, the global benchmark, fell 13% to $112 a barrel.
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