WSJ Reports "Internal Discussions" In UAE On Leaving OPEC

The Wall Street Journal has reported that a growing rift between Riyadh and Abu Dhabi over energy policy and the war in Yemen has precipitated internals discussions in the UAE about leaving OPEC.

• WSJ: “Within the Saudi-led Organization of the Petroleum Exporting Countries, the U.A.E. is obligated to pump much less than it is capable of, hurting its oil revenue. It has long pushed to pump more oil, but the Saudis have said no...
• "Now, said Emirati officials say, the U.A.E. is having an internal debate about leaving OPEC, a decision that would shake the cartel and undermine its power in global oil markets.”
• There were reports in October that, despite supportive public statements, the Emiratis objected to the Saudi-led OPEC+ decision to decrease production.
• WSJ: “The Saudi-U.A.E. rift isn't as serious as Qatar's dispute with its neighbors, which saw diplomatic, trade and travel ties severed from mid-2017 until early 2021. The Saudis and the Emiratis continue to participate in joint military exercises, but the heyday of their alignment is over, analysts said.”
• Bloomberg notes that "The UAE has said publicly and privately it is sticking to the current OPEC deal for at least this year."