The UAE took oil market watchers by surprise this month when it dug its heels in and refused to agree to an extension of the current OPEC+ production control deal under its original terms. The emirates demanded an adjustment of baseline production levels, noting that November 2018 was hardly reflective of current production realities. Traditionally one of the closest allies of Saudi Arabia, the UAE has gone against its bigger regional partner, prompting fears of far greater uncertainty. Behind the scenes, however, it all makes sense. The UAE is simply preparing for a post-oil world and is trying to make the best of the oil it has before demand begins to shrink for good. At least, that’s according to sources in the know who spoke about the change in policy to the Wall Street Journal this month. “This is the time to maximize the value of the country’s hydrocarbon […]