UAE rebuffs plan by OPEC, allies to extend production pact

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

DUBAI, United Arab Emirates -- The United Arab Emirates on Sunday pushed 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, a rare statement revealing the country’s frustration with the group. The Emirati Ministry of Energy called the proposal to extend the agreement for the entirety of 2022 without raising its production quota “unfair to the UAE,” according to state-run WAM news agency. One of the group’s largest oil producers, the UAE is seeking to increase its output — setting up a contest with ally and OPEC heavyweight Saudi Arabia, which has led a push to keep a tight lid on production. The combined OPEC Plus grouping of members led by Saudi Arabia and non-members, chief among them Russia, failed to reach an agreement Friday on oil output. Negotiations over the dispute are set to resume Monday.