Saturday, July 24, 2021

UAE rebuffs plan by OPEC, allies to extend production pact

DUBAI, United Arab Emirates (AP) — The United Arab Emirates is pushing back against a plan by the OPEC oil cartel and allied producing countries to extend the global pact to cut oil production beyond April 2022. Sunday’s rare statement reveals the country’s frustration with the group. The Emirati Ministry of Energy called the proposal to extend the current agreement for the entirety of 2022 without raising its own production quota “unfair.” One of the group’s largest producers, the UAE is seeking to increase its oil output and expand its petroleum industry — setting up a contest with ally and OPEC heavyweight Saudi Arabia, which has led efforts to keep a tight lid on production.

Related Posts

Comments

Stay Connected

22,044FansLike
0FollowersFollow
0SubscribersSubscribe

Recent Stories