Stark choice must be faced to end Saudi-Emirati stalemate
The recent doom and gloom between UAE and Saudi Arabia appears to be lifting as both sides soften – there is nothing more sobering than demand destruction looming on the horizon – but unless the hardwired distance between Riyadh and Abu Dhabi is bridged, further OPEC+ negotiations could be derailed and a period of uncapped price volatility ushered in.
This is the second time the UAE has made clear its displeasure with the rudiments of the April 2020 production agreement – the first time was following the November OPEC meeting – and it is hard to imagine either Emiratis or Saudis backing down from their fundamental positions at the next OPEC Joint Ministerial Monitoring Committee (JMMC) and set of ministerial meetings.… Seguir leyendo »