UAE’s Breach of OPEC Output Pact Shakes Oil Traders’ Faith
- UAE said crude output was above OPEC+ target last month
- Traders are reacting to tanker data showing even bigger excess
Photographer: Karim Sahib/AFP via Getty Images
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Just when OPEC seemed to have finally mastered the long-running problem of members breaching their oil-output targets, a new offender is emerging.