WSJ: U.A.E. Pushes to Produce More Crude, Creating OPEC Deadlock
U.A.E. wants to pump more now, so it can invest in diversification before oil demand diminishes
Behind the standoff inside OPEC over whether to boost oil production is a key cartel member with a new strategy: sell as much crude as possible before demand dries up.
The United Arab Emirates’s strategy, as described by officials familiar with the matter, represents one of the most significant shifts in oil policy by a major Mideast petrostate.
For years, the region’s oil-producing governments have said they aren’t worried about finding crude buyers far into the future.
The U.A.E., which holds some of the world’s largest untapped crude reserves, is breaking from that orthodoxy, according to people familiar with the strategy.
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More News On The UAE Threatening To Pump More Crude Oil
OPEC discord could unleash a new level of volatility in oil market -- CNBC
Oil Tumbles After Report Confirms UAE Plan To Unilaterally 'Open The Taps' -- Zero Hedge
UAE takes on oil kingpin Saudi Arabia -- FOX News
Saudi-UAE rivalry takes shape amid OPEC spat and competing hubs -- Al Jazeera
2 comments:
Given that the US is now more dependent on foreign oil, I don’t see how this gridlock hurts us. Maybe someone else can enlighten me.
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