Liam Denning, Columnist

UAE and OPEC+ Have Made Up, But It Won’t Last

In a world approaching peak oil demand, producers who can cash out, like the United Arab Emirates, will.

July 18, 2021 at 5:00 AM UTC

Updated on

July 18, 2021 at 12:50 PM UTC

Liam Denning is a Bloomberg Opinion columnist covering energy. A former banker, he edited the Wall Street Journal’s Heard on the Street column and wrote the Financial Times’s Lex column.

The United Arab Emirates won’t sit on its oil forever.
Photographer: Christophe Viseux/Bloomberg

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The United Arab Emirates patched things up with OPEC+. The relationship is doomed anyway.

Just as the prior OPEC+ meeting was breaking up in acrimony earlier this month, BP Plc released its annual numbers-fest, the Statistical Review of World Energy. Observing that OPEC+ had stepped in to stabilize oil prices last year, Spencer Dale, the company’s chief economist, added: