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UAE supports OPEC+ easing cuts through Dec, but current baseline production unfair

UAE supports OPEC+ easing cuts through Dec, but current baseline production ‘unfair’ The UAE supports easing OPEC+ collective production cuts between August and December, but wants the proposed current agreement extension to the end of next year to be discussed at a separate occasion because the current production baseline on which quotas are based is unfair, the energy ministry said July 4. The OPEC+ coalition was set to agree last week to boost collective crude output by 400,000 b/d each month from August to December and extend their supply management agreement through the end of 2022. But the UAE has stymied the agreement by insisting its baseline production level from which its quota is determined should be raised, which other countries have said is unfair, delegates told S&P Global Platts on the condition of anonymity.

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