Faizel Patel – 09/07/2021
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.
OPEC and non-OPEC ministers postponed the oil output discussions on Monday, for the second straight meeting, as an oil output policy eluded the group.
The energy alliance had met via videoconference to decide on whether to keep output policy unchanged or to ramp up supply further.
But the meeting was put off till Monday as the United Arab Emirates had balked at a proposed eight-month extension to output curbs.
Energy Minister Prince Abdulaziz Bin Salman had called for “compromise and rationality” to secure a deal after two days of failed discussions last week.
Speaking to Radio Islam during the Middle East report, Political analyst James Dorsey says the Saudi/UAE split is widening.
“What we’ve seen this week was an open acknowledgement of differences between the UAE and Saudi Arabia particularly with regard to oil production in this case and disrupting Saudi with Russian hopes to increase oil production.”
Dorsey also provided updates on the speculation about an explosion on a container ship docked at Dubai’s Jebel Ali port late Wednesday which aused a large fire and was felt across the city; Iranian protests against electricity blackouts and Tukey pushes ahead with the Kanal İstanbul projesi.
Listen to the Middle East Report with James