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UAE Supportive of Saudi Comments on OPEC

OIL

The United Arab Emirates is supportive of Saudi Arabia’s recent comments on crude oil markets according to Reuters.

  • On Monday Saudi Arabia Energy Minister Prince Abdulaziz bin Salman said OPEC might have to curtail production when they next meet on Sep 5.
  • He said extreme volatility and lack of liquidity mean futures markets have become increasingly more disconnected from fundamentals.
  • Many OPEC members including Iraq, Kuwait, Venezuela and Algeria have all recently backed Saudi comments.

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