Saturday, July 24, 2021

Saudi energy minister pushes back on UAE request over baseline oil output, says Arabiya TV

FILE PHOTO: Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman Al-Saud speaks via video link during a virtual emergency meeting of OPEC and non-OPEC countries, following the outbreak of the coronavirus disease (COVID-19), in Riyadh
FILE PHOTO: Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman Al-Saud speaks via video link during a virtual emergency meeting of OPEC and non-OPEC countries, following the outbreak of the coronavirus disease (COVID-19), in Riyadh, Saudi Arabia April 9, 2020.Saudi Press Agency/Handout via REUTERS

July 4, 2021

DUBAI (Reuters) – Saudi Arabia’s energy minister said on Sunday that no country can use a single month as a baseline production reference, after the United Arab Emirates asked for a review of the level from which OPEC+ cuts are calculated, Al Arabiya TV said.

The Saudi-owned television channel also quoted Prince Abdulaziz bin Salman as saying he was neither optimistic nor pessimistic about OPEC+ talks due to resume on Monday.

The Organization of the Petroleum Exporting Countries and its allies failed to reach a deal on oil output policy for a second day running on Friday after the UAE opposed some aspects of the pact.

(Reporting by Marwa Rashad in London and Ghaida Ghantous in Dubai; Editing by Hugh Lawson)

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