By single-handedly knocking 13% off rocketing oil prices on one day this week, the United Arab Emirates demonstrated the power Gulf producers wield in the market and sent a wake-up call to Washington to pay closer attention to its longtime allies.
OPEC heavyweights Saudi Arabia and the UAE, which both bear grudges against Washington, have snubbed U.S. pleas to use their spare output capacity to tame rampant crude prices which threaten global recession after Russia's invasion of Ukraine.
"Gulf states have over many years built a good relationship with Russia, they cannot just overturn things," he said. Mistrust has built up since the 2011 Arab uprisings when Gulf rulers were shocked at how the administration of President Barack Obama abandoned the late Egyptian President Hosni Mubarak after a 30-year alliance, allowing him to fall and ignoring the concerns of Gulf rulers over the rise of the Muslim Brotherhood.
The UAE felt equally frustrated in January when Yemen's Houthis launched attacks on Abu Dhabi. Despite UAE calls for Biden to reinstate a terrorist designation for the Iranian-backed group, Washington has yet to do so.The Gulf source and another source familiar with the matter told Reuters that Biden had irked UAE de facto ruler Abu Dhabi Crown Prince Mohammed bin Zayed, known as MbZ, by not calling swiftly after the Houthis struck.
Last month, Biden spoke with Saudi's King Salman while the crown prince, known as MbS, was in the room. Sources said Biden had asked to speak with the crown prince but MbS declined because the call had only been scheduled with the king.
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