OPEC Stalemate Could Spark A New Oil Price War

Nearly a week of formal and side talks and behind-the-scenes negotiations failed to resolve a dispute over baseline production levels at OPEC+. The discord threw the group in its most serious crisis since March 2020, when the alliance’s leaders Saudi Arabia and Russia disagreed on oil supply management with global demand crumbling in the pandemic.

   Now the dispute is between two Arab Gulf allies in OPEC—the United Arab Emirates and Saudi Arabia—in what analysts see as the UAE looking to step out of the Saudi shadow…