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HomeUAE BusinessThe UAE “unconditionally” supports OPEC+ supply increase, the minister said

The UAE “unconditionally” supports OPEC+ supply increase, the minister said

The UAE “unconditionally” supports OPEC+ supply increase, the minister said

The UAE Minister of Energy and Industry Suhail al-Mazrouei arrived in Vienna, Austria on December 5, 2019 to participate in the 177th Organization of Petroleum Exporting Countries (OPEC) meeting.

Joe Klama | AFP | Getty Images

Dubai, United Arab Emirates-The United Arab Emirates has fought back against OPEC+ leaders Saudi Arabia and Russia, claiming its “sovereign right” to negotiate fairer terms to increase oil production.

“For us, this is not a good deal,” UAE Energy and Infrastructure Minister Suhail Al Mazrouei told CNBC’s Hadley Gamble, referring to OPEC+ production cuts, which are based on “production levels dating back to 2018”.

“We know that in terms of our current capacity and production levels, the UAE’s position in the agreement is the worst,” he said on Sunday.

“But agreement is agreement.”

When asked if the UAE is willing to walk away, the minister said: “Under the same conditions, we cannot extend the agreement or reach a new agreement. We have the sovereign right to negotiate this.”

The comment was made after the United Arab Emirates blocked certain aspects of OPEC+’s proposal to increase production on Friday, seeking better conditions for itself.

“Let us increase production and discuss extensions and agreements and conditions related to them in future meetings,” he said, adding that the UAE unconditionally supports increased supply.

“We met on Monday and I think we all agreed on what we need to do to increase production,” Al Mazrouei said. He added: “The problem is to put conditions on this increase, which is to extend the agreement.”


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