OPEC Plus agrees to increase the oil quota for the UAE, Saudi Arabia and Russia

OPEC Plus agrees to increase the oil quota for the UAE, Saudi Arabia and Russia

 Reuters quoted two sources in the Organization of the Petroleum Exporting Countries and its allies, "OPEC Plus", on Sunday, that it had been agreed to increase oil production as of next August.

OPEC Plus agrees to increase the oil quota for the UAE, Saudi Arabia and Russia

The agency stated that it was also agreed to extend the baseline management agreement until the end of 2022, at the meeting of the ministers of the joint state in the organization today, Sunday.

She indicated that it was agreed to increase the UAE's share to 3.5 million barrels per day, and it was also agreed to increase the baseline for Iraq and Kuwait by 150 thousand barrels per day for each.

The Saudi and Russian production line was also modified by raising it to 11.5 million barrels per day, starting in May 2022, instead of 11 million barrels.

Earlier this month, a rare public dispute between Saudi Arabia and its ally, the UAE, over oil exports escalated after statements by the two countries' energy ministers related to the Organization of Petroleum Exporting Countries (OPEC) agreement.

And "OPEC Plus" abandoned its plans to increase oil production by 400,000 barrels per day every month from August to December, due to the UAE's rejection of this plan, considering it "unfair."

While Saudi Arabia and Russia support extending the agreement as it is until December 2022, the UAE has asked to discuss an increase in production levels before agreeing to an extension beyond April.

It is noteworthy that this agreement came hours before the visit of the Crown Prince of Abu Dhabi, Mohammed bin Zayed, to Saudi Arabia.