Oil Prices Crash By 11% As UAE Calls On OPEC To Open The Taps

In a complete oil industry turnaround, The UAE’s ambassador to Washington has said in a statement to the press that they “favour production increases and will be encouraging Opec to consider higher production levels.” Yousef al-Otaiba’s statement, carried by the FT, comes as both the UAE and Saudi Arabia—two of the very few, if not the only, OPEC members that are believed to have spare capacity—have ducked calls from President Joe Biden to discuss the crisis that is brewing the oil markets after Russia invaded…