Oil Prices: In the Gulf, a growing rivalry is driving prices higher

  • By Sameer Hashmi
  • Middle East correspondent for the Economics Department

File photo showing Saudi Crown Prince Mohammed bin Salman and Abu Dhabi Crown Prince Mohammed bin Zayed in Abu Dhabi, United Arab Emirates (November 27, 2019).

photo credit, Reuters

picture description,

Cracks have begun to appear in the alliance forged by Saudi Arabia and the Crown Princes of Abu Dhabi

A bitter-tasting public disagreement between the United Arab Emirates and Saudi Arabia over oil production quotas this week saw talks between the world’s biggest oil-producing nations stall and left energy markets in the poll, leaving oil prices at their highest Stand drifted for six years .

23-nation OPEC+, which includes the Organization of the Petroleum Exporting Countries cartel and allied producers such as Russia, has been forced to postpone talks indefinitely, raising fears over the stability of a group that has been chocking supplies for the past 18 months has managed with the global economic crisis related to the coronavirus.

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The problem began last week when the United Arab Emirates rejected a proposal by OPEC+ leaders Saudi Arabia and Russia to extend production curbs by another eight months.

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