# Oil prices tumble after UAE says it wants OPEC to increase production | CNN Business

> Oil prices dropped sharply on Wednesday after UAE Energy Minister Suhail Al Mazrouei's comments that the UAE wants OPEC to increase production. US crude fell 12% to below $109 a barrel and Brent fell 13% to $111, the steepest one-day decline in nearly two years.

- Date: 2022-03-09 · published 2022-03-09T12:00:00.000Z
- Category: policy · region Global · magnitude high
- Page: https://feedsoft.ai/events/5821-oil-prices-tumble-after-uae-says-it-wants-opec-to-increase-production-cnn
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Palm Oil](https://feedsoft.ai/c/PALMOIL.md)

## Why it matters

Expectations of higher OPEC output would ease the supply tightness that had pushed crude up, which pressures energy costs and weighs on biofuel-linked feedstock values such as soybean oil and palm oil.

## Read by commodity

- SBO: bearish ▼
- WTI: bearish ▼
- BRENT: bearish ▼
- PALMOIL: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2022-03-09 | 1 | -12.5% | -5.8 | Attributes the steep one-day decline to the UAE energy minister's call for OPEC to raise production, a supply-expectation shift. |
| BRENT | 2022-03-15 | 5 | -21.1% | -5.6 | UAE's call for higher OPEC output sparked the steepest one-day decline in nearly two years. |
| SBO | 2022-03-18 | 5 | -10.1% | -3.2 | The steep crude oil drop on March 9 weakened the biofuel-linked value of soybean oil and set off the broader energy and vegoil unwind that carried into the following week. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2025-06-01 | [OPEC+ to Increase Oil Production—Again](https://feedsoft.ai/events/24856-opec-to-increase-oil-production-again.md) | +6.2% | +7.6% |
| WTI | 2022-07-18 | [OPEC+ Agrees to 100,000 bpd Oil Production Increase for September](https://feedsoft.ai/events/40406-opec-agrees-to-100-000-bpd-oil-production-increase-for-september.md) | -2.2% | -5.0% |
| WTI | 2021-09-01 | [OPEC+ Sticks to Agreed Schedule for Oil-Production Increases](https://feedsoft.ai/events/44983-opec-sticks-to-agreed-schedule-for-oil-production-increases.md) | +1.3% | +9.5% |
| WTI | 2025-10-03 | [OPEC+ agrees to modest oil production increase for November](https://feedsoft.ai/events/22305-opec-agrees-to-modest-oil-production-increase-for-november.md) | +1.7% | +0.1% |
| WTI | 2019-04-28 | [Global oil prices slip after US demands OPEC to increase output](https://feedsoft.ai/events/8098-global-oil-prices-slip-after-us-demands-opec-to-increase-output.md) | -2.1% | -7.6% |
| BRENT | 2025-06-01 | [OPEC+ to Increase Oil Production—Again](https://feedsoft.ai/events/24856-opec-to-increase-oil-production-again.md) | +4.9% | +7.0% |
| BRENT | 2022-07-18 | [OPEC+ Agrees to 100,000 bpd Oil Production Increase for September](https://feedsoft.ai/events/40406-opec-agrees-to-100-000-bpd-oil-production-increase-for-september.md) | -1.5% | -5.3% |
| BRENT | 2021-09-01 | [OPEC+ Sticks to Agreed Schedule for Oil-Production Increases](https://feedsoft.ai/events/44983-opec-sticks-to-agreed-schedule-for-oil-production-increases.md) | -2.2% | +7.5% |

## Sources

- cnn.com: https://www.cnn.com/2022/03/09/energy/oil-uae-production-increase

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.