On Sunday, the UAE criticized an agreement being negotiated between members of the "OPEC Plus" alliance to extend the current oil production cut agreement, and considered the agreement "unfair", calling for a review of production rates to accept it.
The UAE’s push to increase its basic production line led to the derailment of the meeting of the alliance of oil-producing countries last week, and the failure to reach an agreement, which jeopardizes the process of managing the energy market recovery after the Corona pandemic.
A statement published by the official Emirates News Agency (WAM), said, "Unfortunately, the ministerial committee in OPEC + offered only one option, which is to increase production, conditional on extending the current agreement to December 2022, which is an unfair agreement for the UAE in terms of the base point of reference for production quotas."
The statement continued, quoting the Ministry of Energy: "The current agreement continues until April 2022, and the UAE does not mind extending the agreement if necessary, but it requested a review of the base points ratios for the reduction reference to ensure fair quotas for all members upon extension."
Last Friday's talks included a meeting between the 13 OPEC members led by Saudi Arabia, followed by a technical meeting and discussion among the 23 OPEC Plus members. The broader group includes Russia, the second largest oil producer in the world.
Analysts from "Deutsche Bank" said that the discussions were complicated by the UAE's last-minute objection to the Russian-Saudi deal that was reached earlier, which is the extension until the end of 2022.
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