7/7, 2:40 PM (Source: TeleTrader)
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UAE's new oil strategy blocking OPEC+ deal - report

The United Arab Emirates is holding up a deal between members of the Organization of the Petroleum Exporting Countries (OPEC) and allied producers on output caps due to a shift in the country's new oil strategy, The Wall Street Journal reported on Wednesday.

According to sources familiar with the UAE's thinking, the Gulf nation is seeking to sell as much crude as possible while prices and demand are still strong. The UAE intends to use the proceeds from oil sales to diversify its economy.

"This is the time to maximize the value of the country’s hydrocarbon resources, while they have value. The aim of the investment is to generate revenue for the diversification of the economy, both for investment in new energy and, as importantly, in new revenue streams," one source with knowledge of the matter was quoted.

Baha Breaking the News (BBN) / JC