- UAE will not act individually to raise oil output
- UAE committed to OPEC+ alliance
There were mentions that this was among the news that led to the oil drop yesterday but this is a position the UAE has been reiterating for a while. That said, they have also maintained that they will be consistent with the OPEC+ pact so yeah.
The oil crash yesterday was definitely something else and if there's any reason to point to, I'd say it is more so to do with the war narrative and how thin markets are looking in general at the moment. It's wild and volatile and nobody knows exactly what war narrative we are all trading on at the moment - at least not in an assured manner.