Exclusive: Saudi Arabia, UAE swayed Russia for OPEC+ cuts at Abu Dhabi F1 race - Reuters:
Saudi Arabia turned to its Gulf ally the United Arab Emirates when it needed help convincing Russia to sign on to deeper oil supply cuts at this month’s OPEC meeting.
The UAE’s de-facto ruler, Sheikh Mohammed bin Zayed, hosted crucial talks between Saudi Arabia and Russia in Abu Dhabi, where the three nations ironed out what would become one of the deepest supply cuts in a decade, four sources familiar with the negotiations told Reuters.
Details of the negotiations ahead of the official announcement of cuts by OPEC and non-OPEC producers on Dec. 6 have not been previously reported.
The UAE’s role in the talks marks a change from years past and highlights Russia’s rising clout in the region. Since Russia started cooperating with OPEC on supply agreements in 2016, Riyadh and Moscow have led oil supply decisions in advance of OPEC meetings without much involvement from other producers. This time, Riyadh wanted Abu Dhabi to help add pressure on Moscow to agree to the cuts, two sources said.
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