UAE: Talks with OPEC+ ongoing, no deal made

The UAE Ministry of Energy and Infrastructure yesterday announced that the negotiations between the Emirates and the OPEC+ alliance are ongoing and no agreement on production quotas has been reached to date.

The ministry said in a brief statement, published by the Emirates News Agency (WAM), that it has been “following up what the media reports circulated regarding reaching an agreement between the UAE and the OPEC + alliance to amend the country’s supply limit.”

The statement added that “constructive deliberations are still ongoing between the concerned parties, however the agreement with the Organization [OPEC+] did not take place yet.”

Bloomberg reported that the UAE reached a compromise agreement with OPEC+ to resume steps to ease output restrictions, starting from August.

The news agency quoted unnamed sources as saying that the deal sets a new baseline of UAE production of about 3.65 million barrels per day, instead of the current 3.1 million, in addition to extending the remaining restrictions on production until the end of 2022.

On 5 July, OPEC+ suspended talks after the UAE rejected a proposal presented by Saudi Arabia and Russia to limit output increases set to come into effect from August to December.

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