Oil on troubled waters: Row shows Gulf powers on diverging paths

  • Date: 08-Jul-2021
  • Source: Kuwait Times
  • Sector:Economy
  • Country:Gulf
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Oil on troubled waters: Row shows Gulf powers on diverging paths

DUBAI: A startling public row between Saudi Arabia and brash neighbour the UAE has exposed the steadily diverging paths of once inseparable allies who are competing to profit from what may be the world's last oil boom. Wrinkles in relationships between the Gulf monarchies are usually resolved behind palace walls, but a fiery debate over the future of global oil production burst into the open this week.

The United Arab Emirates has bitterly opposed a proposed deal by the OPEC+ alliance of oil-producing countries, slamming it as "unjust" and triggering a stalemate that could derail efforts to curb rising crude prices amid a fragile post-pandemic recovery. That is a rare challenge to Saudi Arabia, the world's number-one oil exporter "” as well as the Arab world's largest economy and custodian of Islam's holiest sites. But the fault lines were drawn before this week's virtual talks. And while observers say a full rupture is unlikely, the new competitive spirit will only intensify.

Saudi Arabia's ambitious de facto ruler Crown Prince Mohammed bin Salman and the UAE's strongman Crown Prince Mohammed bin Zayed have long been seen as the region's power couple, known by their matching initials "” MBS and MBZ. While MBZ was