#UAE proposes postponing decision to extend OPEC+ pact, WAM says | Reuters

, #UAE proposes postponing decision to extend OPEC+ pact, WAM says | Reuters
Post CV 100% Free to the UAE!

We are free of charge but before you start please donate $5 to help others! Help us. Make a Difference.

Helping others is the first step in making the world a better place and improving the lives of those who aren’t as lucky as you. But it’s also shown to bring about a wealth of benefits for those who choose to help and might just be the key to happiness! We are helping all over the world.

, #UAE proposes postponing decision to extend OPEC+ pact, WAM says | Reuters

UAE proposes postponing decision to extend OPEC+ pact, WAM says | Reuters

The United Arab Emirates on Sunday said it supported an increase in oil output from August but suggested deferring to another meeting a decision by OPEC+ on extending its global oil supply pact beyond April 2022, state news agency WAM reported.

The Organization of the Petroleum Exporting Countries and its allies, a group, known as OPEC+, will resume talks on Monday after failing to reach a deal on oil output policy for a second day running on Friday after the UAE opposed some aspects of the pact. read more

The Gulf producer backs an output increase from August as the market “is in dire need of higher production,” WAM said, citing an energy ministry statement.

It is willing to extend the agreement further, if required, but asks that baseline production references – the level from which any cuts are calculated – be reviewed to ensure that they are fair to all parties, WAM reported.

“The UAE and its international partners have invested significantly in growing its production capacity and believes that, if/when the agreement is extended, the baseline reference figures should reflect its actual production capacity, rather than the outdated October 2018 production reference,” the ministry said in the statement.

The UAE energy ministry said that an OPEC+ ministerial panel, known as the JMMC, which is chaired by Saudi Arabia, had made the output increase conditional on extending the current agreement.

“It makes no sense to attach conditions to an increase in August. We fully support an increase in August,” the ministry said.

OPEC+ sources said the UAE said its baseline was originally set too low, an issue it raised before but was ready to tolerate if the deal ended in April 2022 but not if it went on longer.

The UAE has ambitious production plans and has invested billions of dollars to boost capacity. The OPEC+ pact has left about 30% of UAE capacity idle.

0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments