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Oil and Dollars: Why the UAE Is Risking a Falling-Out With OPEC+

OPEC, OPEC+, oil

By: Anthony Di Paola – Bloomberg – The OPEC+ oil cartel is facing its biggest crisis since a price war at the start of the coronavirus pandemic.

The United Arab Emirates, the group’s fourth-biggest producer, argued against a deal proposed by Saudi Arabia and Russia to extend quota limits until the end of next year, rather than ending them in April as originally planned.

The UAE agreed with the other 22 OPEC+ members that monthly output cuts should be eased by 400,000 barrels a day from August, but said the extension should be treated separately.

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