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The growing Gulf rivalry that's pushing up oil prices
08-07-2021, 07:53 AM
Příspěvek: #1
The growing Gulf rivalry that's pushing up oil prices
The growing Gulf rivalry that's pushing up oil prices

[Obrázky: _119301565_mediaitem119301561.jpg]

A bitter public rift between สล็อต168 the United Arab Emirates and Saudi Arabia over oil production quotas this week
caused talks between the world's biggest oil-producing nations to be abandoned and left energy markets in limbo,
pushing oil prices to a six-year high.

The 23 nations in Opec+, which comprises the Organization of the Petroleum Exporting Countries cartel and allied
producers like Russia, had to postpone their negotiations indefinitely, raising fears about its stability of a group that
has deftly handled supplies over the past 18 months to cope with the coronavirus-related global economic crisis.

The problem began last week, when the UAE rejected a proposal by Opec+ leaders Saudi Arabia and Russia to extend
output curbs for another eight months.

The UAE wanted to renegotiate its current baseline - the level from which production cuts or increases are calculated -
to give it freedom to pump out more oil. However, Saudi Arabia and Russia were against doing so.

The negotiations took an usual turn when the energy ministers of the UAE and Saudi Arabia, which are close allies,
went public with their differences.

"The rift has come as a surprise, but perhaps the tussle was inevitable," says Ben Cahill, a senior fellow at the Center
for Strategic and International Studies in Washington.

"Abu Dhabi's production capacity is at odds with its Opec quota. It has invested a lot of money to raise its production.
And now demand is picking up. That's why the UAE has been frustrated over the last year at its inability to increase
production," he adds.
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24-06-2022, 07:28 PM
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RE: The growing Gulf rivalry that's pushing up oil prices
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