Saudi-UAE rivalry takes shape amid OPEC spat and competing hubs
Al Jazeera
New Saudi import rules and a public disagreement over how to unwind OPEC production cuts have strained UAE-Saudi ties.
The United Arab Emirates’ refusal to agree to a Saudi-backed plan to boost oil output is the latest in an emerging rivalry playing out between the two traditional Gulf allies as both countries seek to diversify their economies and manage a long-term transition away from the petroleum industry. The unusually public spat between the UAE and Saudi Arabia over output increases by the Organization of the Petroleum Exporting Countries (OPEC) has kept oil prices volatile. Monday’s OPEC meeting was cancelled and has yet to be rescheduled, leading to market uncertainty. Saudi Arabia supports a plan for OPEC producers to increase oil output in stages by a total of two million barrels per day (bpd) from August through December 2021 and extend remaining cuts until the end of 2022 instead of letting them expire as planned next April.More Related News