UAE rebuffs plan by OPEC, allies to extend production pact

UAE energy ministry says OPEC+ proposal to extend pact to cut oil production until end of 2022 is ‘unfair’.

The United Arab Emirates has 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 the state-run news agency WAM. 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.