Dubai, UAE–A media report that the United Arab Emirates is considering leaving OPEC is “far from the truth,” two sources with direct knowledge of the matter told media.
Earlier on Friday, the Wall Street Journal reported that the UAE is having an internal debate about leaving the Organization of the Petroleum Exporting Countries.
Oil fell as much as $2 a barrel after the WSJ story, with analysts citing concerns that this might impact the so-called OPEC+ production cut deal that OPEC has in place with Russia and other non-member countries.
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“This is definitely not on the table,” another source with knowledge of the matter said, when asked about the WSJ report.
Oil later pared its decline and by 1740 GMT Brent crude was up 78 cents at $85.52 a barrel.
The UAE is an important member of OPEC as it is the group’s third-largest producer after Saudi Arabia and Iraq and it is considered to be one of the few members to hold significant unused production capacity.