UAE denies validity of aired about reaching deal with OPEC + alliance to change oil production cap

Dubai, United Arab Emirates (CNN) – The UAE’s Ministry of Energy and Infrastructure on Wednesday denied the validity of what was published by the media about the signing of an agreement between the Emirates and the ‘OPEC + alliance, to modify its ceiling on oil production.

And the Emirates News Agency quoted a statement from the ministry, saying it was “following what had circulated in the media regarding the search for a consensus between the UAE and the OPEC + alliance to change the production cap. reference of the country “.

The UAE’s energy ministry confirmed that “constructive negotiations are still ongoing between the responsible parties and that agreement with the organization has not yet taken place.”

The UAE’s Energy Ministry viewed the ‘OPEC Plus’ deal as ‘unfair’ in terms of a benchmark for the volume of oil production, stressing that it supported ‘any unconditional increase’ in production. August, given the need to increase production.

At the time, Saudi Energy Minister Prince Abdulaziz bin Salman Al Saud called for some “rationalization and concessions” in order to reach an agreement, after the UAE objected to binding the ‘increase in production following the extension of the “OPEC Plus” agreement. .

Marathon negotiations have been taking place since the beginning of this month, without the “OPEC Plus” countries managing to come to an agreement.

In an interview with Saudi channel “Al Arabiya”, the Saudi Minister of Energy said that all members of the coalition accepted the Saudi-Russian initiative except “one country”, referring to the rejection of the United Arab Emirates.

Saudi Arabia’s Energy Minister confirmed that an increase in production of 400,000 per month would not be enough to end the cuts in April 2022 (the deal expires).

He continued, “We and Russia are partners in proposing to expand the OPEC + agreement and increase production. There is a grievance mechanism in OPEC +, but selectivity is difficult, and I don’t know. not that a country opposed its part in the March 2020 meeting, “according to Al Arabiya.