Oil row flares as UAE rejects ‘unjust’ OPEC+ output deal Published on Share
The United Arab Emirates on Sunday criticised the current oil output deal among OPEC+ alliance members as unjust, escalating a row that could derail the energy market’s post-pandemic recovery.
The UAE’s push to increase its production baseline is reported to have derailed last week’s meeting of the alliance of oil-producing countries, and also sets it against its ally Saudi Arabia.
“The UAE demands to have justice in the new agreement after April, and it is our sovereign right to demand reciprocity with the rest of the countries,” Energy Minister Suhail Mohamed Al-Mazrouei said in a television interview.
Time For Frackers To Gear Up? Oil Spikes To $76 On OPEC Failure To Boost Output forbes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from forbes.com Daily Mail and Mail on Sunday newspapers.
Oil row flares as UAE rejects unjust OPEC+ output deal Ali Harissi Oil production
The United Arab Emirates on Sunday criticised the current oil output deal among OPEC+ alliance members as unjust, escalating a row that could derail the energy market s post-pandemic recovery.
The UAE s push to increase its production baseline is reported to have derailed last week s meeting of the alliance of oil-producing countries, and also sets it against its ally Saudi Arabia. The UAE demands to have justice in the new agreement after April, and it is our sovereign right to demand reciprocity with the rest of the countries, Energy Minister Suhail Mohamed Al-Mazrouei said in a television interview.
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(Bloomberg) A high-stakes game of oil diplomacy pits Saudi Arabia against long-time ally Abu Dhabi. And the result of their fight will shape not just the price of oil for the next year, but the future of the global energy industry.
The United Arab Emirates on Friday blocked an OPEC+ deal that cartel leaders Russia and Saudi Arabia hashed out to increase output, demanding better terms for itself. After two days of bitter negotiations, and with the UAE the only holdout, ministers halted the discussions until Monday, leaving markets in limbo as oil continued its inflationary surge above $75 a barrel.
Oil row flares as UAE rejects unjust OPEC+ output deal channelnewsasia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from channelnewsasia.com Daily Mail and Mail on Sunday newspapers.