DUBAI, United Arab Emirates (AP) \u2014 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\u2019s frustration with the group.<\/p>\n\n\n\n
The Emirati Ministry of Energy called the proposal to extend the agreement for the entirety of 2022 without raising its production quota \u201cunfair to the UAE,\u201d according to state-run WAM news agency.<\/p>\n\n\n\n
One of the group\u2019s largest oil producers, the UAE is seeking to increase its output \u2014 setting up a contest with ally and OPEC heavyweight Saudi Arabia, which has led a push to keep a tight lid on production.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
The UAE said it supported plans for output increases over the summer, believing the market to be \u201cin dire need of higher production.\u201d The country suggested deferring the whole discussion of the agreement\u2019s extension to a later meeting and appealed for an updated production quota that \u201creflects our current production capacity.\u201d<\/p>\n\n\n\n
OPEC faces conflicting pressures after last year\u2019s plunge in oil prices as the pandemic wiped out travel and energy use. The oil producers\u2019 sharp output cuts kept prices from collapsing even more than they did. Raising production now, as vaccination campaigns stoke hopes of economic recovery, would increase revenues for producing countries that have seen their budgets hard hit by lower prices. But pumping too much too soon could undermine the rebound in energy prices.<\/p>\n\n\n\n
In an interview with CNBC on Sunday, Emirati Energy Minister Suhail al-Mazrouei voiced concerns over the Saudi-led production restraints.<\/p>\n\n\n\n
\u201cEveryone sacrificed but, unfortunately, the UAE sacrificed the most, making one third of our production idle for two years,\u201d he said.<\/p>\n\n\n\n
Saudi Arabia has shouldered the deepest production cuts and urged caution, saying that oil demand and economic recovery from the pandemic remain fragile around the world.<\/p>\n","protected":false},"excerpt":{"rendered":"
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