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UAE denies WSJ report that it's considering leaving OPEC due to continuing tensions with Saudi Arabia over oil production, Yemen


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Original WSJ report:

 

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Once close friends, the two biggest Arab economies are increasingly competing for money and power

 

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When Abu Dhabi hosted a summit of Middle East leaders at a seaside palace in January, there was a glaring absence: Saudi Crown Prince Mohammed bin Salman. A month before, the United Arab Emirates’ top leaders skipped a high-profile China-Arab summit in Riyadh. 

 

Prince Mohammed and U.A.E. President Sheikh Mohamed bin Zayed al Nahyan steered clear of each other’s events intentionally, Gulf officials said, even as the rulers of Jordan, Egypt, Qatar and others attended. The snubs exposed a growing rift between neighboring U.S. security partners that for years marched in lockstep on Middle East foreign policy. 

 

 

 

The denial:

 

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FINANCE.YAHOO.COM

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Brent oil pared a sharp drop as UAE officials said there was no plan to leave the Organization of Petroleum Exporting Countries.

 

The global benchmark had retreated as much as 2.8%, though later pared some of those losses to trade near $84 a barrel. The officials were responding to a Wall Street Journal report that a growing rift with Saudi Arabia meant it is having internal discussions about quitting the alliance.

 

The UAE has said publicly and privately it is sticking to the current OPEC output deal for at least this year. If the UAE were to quit the grouping, it would risk a political fallout not just with Saudi Arabia, one of its biggest trading partners, but with other Gulf allies such as Kuwait and Iraq.

 

UAE officials have for some years been contemplating what alliances best suit its long-term interests, as the country seeks to monetize recent expansion in its production capacity. In a previous OPEC+ dispute with Saudi Arabia, the group’s policy decision was held up for weeks, though in the end a compromise was found.

 

 

 

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  • Commissar SFLUFAN changed the title to UAE denies WSJ report that it's considering leaving OPEC due to continuing tensions with Saudi Arabia over oil production, Yemen

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