World
OPEC Wrangle Puts UAE’s Ambitions on Display
The friction between the UAE and the oil cartel point to the Gulf nation’s changing dynamic with Saudi Arabia.
At the heart of the UAE’s objections to extending the current OPEC quotas are Abu Dhabi National Oil Co. plans for growth.
Photographer: Christophe Viseux/BloombergThis article is for subscribers only.
Just days before a high-stakes OPEC meeting to support an oil market ravaged by coronavirus, the United Arab Emirates’ state oil company told the world it planned to spend $122 billion to boost production capacity.
That set the stage for a standoff at a meeting of the cartel this week. A compromise was struck but ambitious plans to maximize energy wealth may keep stirring tension—in particular with its largest neighbor Saudi Arabia.