DAILY BASKET – NEWS COMMENTARY
UAE Increases Oil Production Cut Above Its Quota
MARSAL COMMENTS: UAE will cut oil production between 200,000 and 280,000 barrels per day in March and April. This is above its OPEC reduction quota! Is OPEC trying to counter the recent Shale oil production increases?
GENERALLY: Positive and supports oil prices
NEGATIVE FOR: UAE as it reduces its revenues
POSITIVE FOR: Oil producing countries and may help stop price collapse
IMPACT POTENTIAL: Medium
TIME SCOPE: Short Term