Why oil prices are pulling back after OPEC supply standoff
PRICE Futures Group senior analyst Phil Flynn on why oil prices are retreating from a six-year high.
The dust-up over oil production at the OPEC plus meeting came down to growing competition between the smaller United Arab Emirates (UAE) and OPEC Kingpin Saudi Arabia.
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The UAE, once demure, is seeing its financial stature grow and that is leading to a more complex relationship between the two countries, and their two princes, from an economic standpoint.
The quiet rift is pushing global oil prices higher.
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As both countries struggle to diversify their economies away from reliance on oil, their futures are in the hands of a younger generation of leadership.
In Saudi Arabia, change has been driven by the controversial Crown Prince Mohammed bin Salman or MBS.
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