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Dubai, United Arab Emirates (CNN) – The UAE Department of Energy has called the “OPEC Plus” deal “unfair” in terms of a benchmark for the volume of oil production, stressing that he supports “any unconditional increase” in August Production, in light of the world market’s need to increase production.
After the negotiations last Thursday and Friday, the “OPEC Plus” countries failed to reach an agreement on increasing production in the world oil market, and the countries are expected to meet again, Monday, to try to reach an agreement.
The UAE’s Energy Ministry said in a statement that the UAE “has always been one of the most committed members of the OPEC and OPEC Plus agreements, and during the current agreement of two years, his commitment exceeded 103% “. The ministry added that the UAE “considers that the world market during the current period urgently needs to increase production and supports this increase for the period from August to December without any conditions.”
The ministry said the UAE supported production increases during the months of May, June and July of this year, which were not tied to any conditions, and said: “We fully support any unconditional increases in August. “, according to the official UAE news agency.
She added: “Unfortunately, the ministerial committee of OPEC Plus has only offered one option, which is to increase production, on condition that the current agreement is extended until December 2022, which is a unfair deal for UAE in terms of baseline production quota. “
And she went on to say that the UAE “suggests separating the increase in production from the issue of extending the deal and moving forward with increasing production to meet the demands. global market needs, but the OPEC Plus ministerial committee insisted on linking the two issues. “
The UAE Department of Energy said the current agreement lasts until April 2022 and said “The UAE does not hesitate to extend the agreement if necessary, but has called for a review of basis point ratios for the reduction benchmark to ensure fair quotas for all members. after extra time. “
The Energy Ministry added that the UAE is proposing to take the extension decision at a subsequent meeting with the aim of allowing an immediate decision to increase output from August until the end of the year. current agreement.
She continued, “The UAE and its international partners have made huge investments to increase their production capacity, and we believe that the baseline benchmark for production volume, which represents the level of production on which reductions are calculated, should reflect our current production capacity, rather than relying on the baseline production volume that has been achieved. ”Adopted October 2018.
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