December 10, 2022

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Emerging competition between the two monarchies to raise oil prices

  • Samir Hashmi
  • Middle East Business Correspondent

Image source, Reuters


Cracks in the alliance formed by the Crown Princes of Saudi Arabia and Abu Dhabi slowly appeared.

The sharp split in oil production allocations this week between the United Arab Emirates and Saudi Arabia has left talks between the world’s largest oil-producing countries sluggish, leaving energy markets sluggish and raising oil prices for a maximum of six years.

23 countries of OPEC +, which includes the group Organization of Petroleum Exporting Countries and related manufacturers such as Russia, They had to postpone their talks indefinitely.

This decision raised fears about the stability of a group Has been effectively managing products for the past 18 months to deal with the global economic crisis related to the corona virus.

When did the issue start last week United Arab Emirates In rejected the proposal of the OPEC leaders Saudi Arabia and Russia Extend production restrictions for another eight months.