A Major Rift Remains Within OPEC

Conflicts and major disagreements within OPEC usually go unnoticed as member states use consultation and decision-making mechanisms that prevent a public mess. The UAE’s recent decision to do the unexpected was therefore a shock to the international oil market. Although a production deal has been struck, the recent conflict could be a sign that more instability can be expected in the near future.  The most recent disagreement over an increase of the baseline production rights, pits the UAE and Saudi Arabia, OPEC’s de-facto leader…