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UAE’s Sheikh Tahnoon bin Zayed Al Nahyan met Saudi Crown Prince Mohammed bin Salman in Riyadh and warned of risk of political backlash against production cuts, report said echoes the view that it is not economically necessary.
A UAE spokesman told The Wall Street Journal that information about bin Zayed Al Nahyan, about the meeting and production cuts was inaccurate, without elaborating.
The UAE and Saudi Arabia are longtime allies, often aligned on energy and security issues. Last month, the UAE agreed to an OPEC+ decision to slash its daily output quota by 2 million barrels a day, while signaling to the West that it could supply the market with more crude produced in the UAE.
Nonetheless, reports on the secretive UAE mission could point to a growing divide among the major players in the oil cartel.
Countries uneasy about production cuts include the United Arab Emirates, Iraq and Bahrain. Financial Times report.
Meanwhile, the U.S.-Saudi alliance has deteriorated sharply. After the OPEC+ meeting, the White House accused the oil group of aligning itself with Russia, and President Joe Biden warned of consequences for the relationship between Washington and Riyadh.
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