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UAE ‘unconditionally’ supports OPEC+ supply increase, minister says


UAE’s Minister of Energy and Industry Suhail al-Mazrouei arrives for the 177th Organization of Petroleum Exporting Countries (OPEC) meeting in Vienna, Austria, on December 5, 2019.

JOE KLAMAR | AFP | Getty Images

The United Arab Emirates has pushed back on OPEC+ leaders Saudi Arabia and Russia, claiming its “sovereign right” to negotiate fairer terms for an oil production increase.

“For us, it wasn’t a good deal,” UAE Minister of Energy and Infrastructure Suhail Al Mazrouei told CNBC’s Hadley Gamble, referring to OPEC+ production cuts which were based on a “level of production that goes back to 2018.”

“We knew that the UAE position in that agreement was the worst in terms of comparing our current capacity with the level of production” he said Sunday.

“But an agreement is an agreement.”

Asked if the UAE would be willing to walk away, the minister said “we cannot extend the agreement or make a new agreement under the same conditions. We have the sovereign right to negotiate that.”

The comments come after the United Arab Emirates blocked some aspects of an OPEC+ proposal to increase output on Friday, seeking better terms for itself.

“Let’s increase the production, and talk about the extension and the agreement and the conditions associated with it at a later meeting,” he said, adding that the UAE unconditionally supports a supply increase.

“We are meeting on Monday, and I think we are all in agreement that we need to do something regarding the increase in production,” Al Mazrouei said. “The issue is putting a condition on that increase, which is the extension of the agreement,” he added.

Standoff

Baseline dispute



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UAE ‘unconditionally’ supports OPEC+ supply increase, minister says

2021-07-04 05:28:31

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