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At a press conference, OPEC member states confirmed the extension of the oil production agreement until the end of 2022 instead of next April.
A statement released by the two speakers also confirmed that they plan to end the cuts in their entirety by September 2022 if market conditions allow.
For his part, UAE Minister of Energy and Infrastructure Suhail Al Mazrouei said that “the UAE strongly supports the agreed decision.”
The UAE official added: “There has been a constructive dialogue with the OPEC + group, and the United Arab Emirates are committed to the group in order to achieve a balance in the market.”
Al Mazrouei said “OPEC + is strong and committed until there is stability in the oil market and recovery from the effects of the Corona virus is achieved.”
Among the decisions taken at the meeting was to increase the UAE benchmark production line to 3.5 million barrels per day from May 2022.
It was also agreed to increase the benchmark production line for Kuwait and Iraq by 150,000 barrels per day from May 2022, in addition to increasing the benchmark production line for Saudi Arabia and Russia by 500,000 barrels per day from May 2022.
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