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France 24

Business

Oil price tumbles after UAE official signals support for boosting production

UAE International Energy Agency OPEC United Arab Emirates United States

BUSINESS DAILY © FRANCE 24

The price of oil plunged on Wednesday, after a diplomat from the United Arab Emirates said the country was in favour of the oil-producing group OPEC increasing production. The ambassador's statement was followed by a tweet from the Emirati energy minister, who said the UAE would stick to current production targets. The United States and the International Energy Agency have appealed to producers to boost their supplies of oil. We take a closer look.

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