United Arab Emirates Rejects Plan By OPEC
Jul 5, 2021 ·
5m 17s
The United Arab Emirates has rejected a plan by the OPEC oil cartel and allied producing countries to extend the global pact to cut oil production beyond April 2022, a...
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The United Arab Emirates has rejected a plan by the OPEC oil cartel and allied producing countries to extend the global pact to cut oil production beyond April 2022, a rare statement revealing the country’s frustration with the group.
The UAE is seeking to increase its output setting up a contest with ally and OPEC heavyweight Saudi Arabia, which has led a push to keep a tight lid on production.
The UAE says it supported plans for output increases over the summer, believing the market to be in dire need of higher production.
The country suggested deferring the whole discussion of the agreement’s extension to a later meeting and appealed for an updated production quota that reflects our current production capacity.
show less
The UAE is seeking to increase its output setting up a contest with ally and OPEC heavyweight Saudi Arabia, which has led a push to keep a tight lid on production.
The UAE says it supported plans for output increases over the summer, believing the market to be in dire need of higher production.
The country suggested deferring the whole discussion of the agreement’s extension to a later meeting and appealed for an updated production quota that reflects our current production capacity.
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