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Friday, May 24, 2024

Saudi MBS reacts: UAE increasing oil production capacity ahead of OPEC+ meeting a ‘mistake’ ?note

The UAE quietly announced earlier this month (2/5/2024) that it will bolster its oil production capacity from 4.65 million barrels per day (bpd) to 4.85 million bpd, ahead of the upcoming OPEC+ meeting in June.

Saudi Crown Prince Mohammad Bin Salman (MBS) believes that the decision of Abu Dhabi to actually increase oil production has several consequences on oil markets, upcoming OPEC+ meeting and his relationship with UAE President Sheikh Mohammad Bin Zayed (MBZ).

The note delves into the following key issues:

- MBS views on the UAE decision

- The effects of it on oil markets

- The effects of it on KSA-UAE relations

- The effects of an independent UAE oil policy

The note also sheds light on the expectations of MBS regarding the next OPEC+ meeting.


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