#UAE finds its voice within OPEC, complicating oil diplomacy | Reuters

UAE finds its voice within OPEC, complicating oil diplomacy | Reuters

The United Arab Emirates came out of OPEC heavyweight Saudi Arabia’s shadow this week by demanding better adherence with oil supply cuts, effectively delaying the latest strategy decision by OPEC and its allies by a few days, sources told Reuters.

The unusual move highlights the UAE’s growing role within OPEC as it seeks to boost production in the years ahead to gain market share.

It also underscores Abu Dhabi’s growing political independence from Riyadh, which became obvious this year when the UAE became the first country in the Gulf to normalise relations with Israel.

OPEC and allies led by Russia - known as OPEC+ - had been widely expected by the market to roll over existing production cuts of 7.7 million barrels per day (bpd) into January-March 2021 to tackle weak demand amid a resurgent COVID-19 pandemic.

OPEC+ sources had earlier told Reuters that Saudi Arabia was the main advocate of such a move.