The public fall-out between the two world's biggest oil-producing nations, the United Arab Emirates and Saudi Arabia has led to oil prices at a six-year high. The unusual public spat between the UAE and Saudi Arabia over output increases by the Organisation of the Petroleum Exporting Countries (OPEC) has kept oil prices volatile. The UAE's economy shrunk around 6% in 2020, while Saudi Arabia experienced a 4.1% contraction, according to the World Bank. The collapse in oil prices accompanying lockdowns was a reminder of how much Gulf states still depend on petrodollars. The OPEC countries are forecasting that peak oil demand could plateau and begin to decline by the late 2030s.

Source: dna July 10, 2021 11:48 UTC