'Media report that UAE considering leaving OPEC not true'
Business
'Media report that UAE considering leaving OPEC not true'
DUBAI (Reuters) - 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 Reuters.
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.
"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.
OPEC, Russia and other non-member producers, known as OPEC+, have a deal in place to cut production by 2 million barrels per day, about 2% of world demand, during 2023 to support the market.
There was no immediate official comment from the UAE.
UAE energy minister Suhail al-Mazrouei said last year the UAE's plans to raise its production capacity did not mean the country was going to leave OPEC.
