OIL & GAS

Behind the Clash at OPEC: Growing competition in the Gulf

The fighting between the United Arab Emirates and Saudi Arabia that emerged in recent days over oil production had been brewing for months, if not years.

A seven-member federation of states on the Persian Gulf, the UAE is pursuing ambitious plans to expand and modernize its economy, including billions spent on its energy industry. Eventually these aspirations were bound to bump up against those of its powerful neighbor, Saudi Arabia, as both countries try to position themselves for changes in energy production and other areas of their economies in the coming years.

The tensions, which normally might be resolved in a phone call from one royal palace to another, came to a head at meetings of the oil producers’ group known as OPEC Plus. Officials failed to reach an agreement on raising production on Thursday and again on Friday. On Monday, a scheduled meeting was canceled.

Source
ET Energy World
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