Saudi Arabia turned to its Gulf ally the United Arab Emirates when it needed hel...
DUBAI/LONDON - 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 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.
On Nov. 27, Saudi Crown Prince Mohammed bin Salman, also known as MbS, met with Abu Dhabi Crown Prince Sheikh Mohammed, known as MbZ, in the UAE. The UAE is a close ally of Saudi Arabia and also had a stake in the IPO going well. The nation’s Abu Dhabi Investment Authority is investing more than $1 billion in the Aramco IPO after Riyadh reached out to its allies to support the offering, Reuters reported in November.
Global oil prices would likely have fallen without Russia’s participation, according to OPEC sources and estimates by analysts such as Energy Aspects. Russia has been key to global oil supply cuts by OPEC and non-OPEC producers allied with Moscow, together known as OPEC+. The latest cuts had supported oil prices near $65 per barrel.
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