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.
