The story: OPEC+ is divided on whether to extend current cuts to oil output through 2022. Saudi Arabia and the United Arab Emirates (UAE) are clashing over production baselines, with Riyadh blocking Abu Dhabi’s request for a rise. So far, the tension has led to the cancelation of OPEC+’s July 5 meeting. The disagreement follows recent policy divergences between the two Gulf states over other issues, including ties with Qatar and the war in Yemen.

The coverage: As OPEC+ negotiations on whether to increase oil production collapsed last weekend, Saudi Arabia took additional steps to pressure the UAE...