Commissar SFLUFAN Posted March 3, 2023 Share Posted March 3, 2023 Original WSJ report: WSJ News Exclusive | Saudi Arabia and U.A.E. Clash Over Oil, Yemen as Rift Grows WWW.WSJ.COM Once close friends, the two biggest Arab economies are increasingly competing for money and power Quote 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: Oil Pares Drop After UAE Officials Say No Plans to Leave OPEC FINANCE.YAHOO.COM (Bloomberg) -- Most Read from BloombergFed Event Scrapped After Participant Shows Porn in Zoom RoomSingapore PM Lee’s Estranged Brother Weighs Presidential RuniPhone Maker Plans $700 Million India Plant in Shift From ChinaIsrael’s Window to Strike Iran Narrows as Putin Enters EquationAmericans Need to Be Richer Than Ever to Buy Their First HomeBrent oil pared a sharp drop as UAE officials said there was no plan to leave the Organization of... Quote 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. Quote Link to comment Share on other sites More sharing options...
b_m_b_m_b_m Posted March 3, 2023 Share Posted March 3, 2023 On one hand breaking the cartel is good and funny. On the other hand it could lead to oil prices collapsing which is not good for the climate! (Or urban American streets) Quote Link to comment Share on other sites More sharing options...
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