{"id":131409,"date":"2021-07-07T12:15:26","date_gmt":"2021-07-07T12:15:26","guid":{"rendered":"https:\/\/precoinnews.com\/?p=131409"},"modified":"2021-07-07T12:15:26","modified_gmt":"2021-07-07T12:15:26","slug":"uae-takes-on-oil-kingpin-saudi-arabia","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/uae-takes-on-oil-kingpin-saudi-arabia\/","title":{"rendered":"UAE takes on oil kingpin Saudi Arabia"},"content":{"rendered":"
Why oil prices are pulling back after OPEC supply standoff<\/h2>\n
PRICE Futures Group senior analyst Phil Flynn on why oil prices are retreating from a six-year high.\u00a0<\/p>\n
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. <\/p>\n
\n\n
\n
Ticker<\/th>\n
Security<\/th>\n
Last<\/th>\n
Change<\/th>\n
Change %<\/th>\n<\/tr>\n<\/thead>\n
\n
\n
USO<\/td>\n
UNITED STATES OIL FUND L.P.<\/td>\n
49.90<\/td>\n
-1.03<\/td>\n
-2.02%<\/td>\n<\/tr>\n
\n
<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
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. <\/p>\n
The quiet rift is pushing global oil prices higher. <\/p>\n
OPEC FAMILY FEUD PUMPS OIL PRICES<\/strong><\/p>\n
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. <\/p>\n
In Saudi Arabia, change has been driven by the controversial Crown Prince Mohammed bin Salman or MBS. <\/p>\n
WHITE HOUSE MONITORING RISING GAS PRICES<\/strong><\/p>\n