UAE Is The Biggest Winner Of Saudi Arabia Production Cuts

Last month, the UAE declared it will not join Saudi Arabia in making voluntary oil production cuts, claiming that the cuts by the Saudis are enough to balance the markets. This is hardly surprising considering that the UAE has long argued that it should be allowed to pump more than its current OPEC quota. But OPEC’s third largest producer was not content to just maintain its current production. The UAE got a huge concession from OPEC in the form of an upward revision of its quota that will take its production up by 200,000 barrels…