Saudi Arabia and the UAE: Gulf competition pushes oil prices to a record high

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  • Samir Hashemi
  • Middle East Business and Trade Correspondent

Ibn Zayed and Ibn Salman

picture released, Reuters

comment on the photo,

The cracks in the body of the Saudi-UAE alliance are gradually becoming clear

A public dispute between the United Arab Emirates and Saudi Arabia over oil production quotas recently led to a halt in talks between the world’s largest producers of black gold.

This rare spat has also left energy markets on hold, while sending oil prices to their highest level in six years.

Indefinitely, the negotiations of the OPEC Plus alliance, which is made up of 23 oil-exporting countries, OPEC and its allies from the producing countries such as Russia, have been suspended.

Concerns increased as a result of this about the stability of the coalition that managed the oil supply process during the global economic crisis caused by the Corona epidemic over the past 18 months.





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