“There is a very wise old saying that ‘it is a very foolish person that seeks to interfere in family disputes,’” Chris Weafer, co-founder of Macro-Advisory in Moscow told New Europe on July 9, asked Russia can mediate to help strike a deal between Saudi Arabia and the United Arab Emirates to raise output. Essentially this is a dispute between two Arab nations who are members of the Gulf Cooperation Council (GCC) and who share a lot of common interests, he added.

Oil prices fell after a breakdown in discussions between major oil producers Saudi Arabia and the UAE over a proposed deal that would have brought more oil to the market.