VINACHEM

Global oil prices are falling after the publication of an American business-focused daily newspaper, which reported citing unnamed Emirati officials that the UAE was in internal discussions about the possibility of withdrawing from the Organization of the Petroleum Exporting Countries (OPEC).

As of 14:25 GMT, the price of May futures for Brent crude fell by 2.1% to $82.97 per barrel, April futures for WTI were down 2.25% to $76.4.
A possible withdrawal of the UAE from the cartel will undermine the latter's influence in global oil markets, the newspaper wrote.

Due to participation in OPEC, the country is forced to produce less oil than it is capable of in terms of production capacity, which is detrimental to oil revenues. It has long insisted on increasing production, but the Saudis refused, the publication said, citing OPEC sources. – Sputnik –