Saudi, UAE resolve differences, but OPEC remains under pressure

Saudi, UAE resolve differences, but OPEC remains under pressure

The United Arab Emirates and Saudi Arabia appear to have reached a compromise that will allow OPEC to continue in its moderation of the oil market.

The UAE had pushed back against continued cuts, arguing that its baseline had been set lower than competitors. As such, the OPEC+ controls hurt the emirates more than other states.

For a moment, relations between the UAE and Saudi had appeared strained, causing some talk of a new rift and the breakdown of oil market controls.