High-stakes oil diplomacy puts future of Opec+ deal at risk

Better terms: Saudi Aramco facility in Shaybah oilfield. The UAE has blocked an Opec deal that cartel leaders Russia and Saudi Arabia hashed out to increase output, demanding better terms for itself. — Reuters

DUBAI: A high-stakes game of oil diplomacy pits Saudi Arabia against long-time ally Abu Dhabi. And the result of their fight will shape not just the price of oil for the next year, but the future of the global energy industry.

The United Arab Emirates (UAE) blocked on Friday an Opec+ deal that cartel leaders Russia and Saudi Arabia hashed out to increase output, demanding better terms for itself.