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The CCTV news client reported on July 15 that on July 14, local time, according to media quoted insiders, Saudi Arabia and the UAE have discussed the issues within the framework of the Organization of Petroleum Exporting Countries (OPEC) and its non-OPEC partner countries (OPEC).
The oil production increase policy reached a compromise, and Saudi Arabia agreed to raise the UAE's production reduction benchmark in exchange for the UAE's agreement to extend the overall production reduction agreement from April 2022 to the end of the year
.
On the same day, the UAE Ministry of Energy issued a statement stating that relevant deliberation work is still ongoing and no agreement has been reached with OPEC on the baseline for production reduction
.
Previously, OPEC and non-OPEC partner countries originally planned to hold a meeting at the beginning of this month to discuss the next step of production scale
.
However, due to serious differences, members have conducted multiple rounds of consultations, and the meeting has been postponed repeatedly
.
Saudi Arabia proposed a small increase in production plan, advocating that OPEC members increase their daily output by 400,000 barrels from August to December; at the same time, it hopes to extend the current production reduction agreement until the end of 2022
.
This proposition has been supported by all members except the UAE
.
The UAE believes that it is too early to discuss the extension of the production reduction agreement.
If the extension is to be accepted, it must agree to substantially increase the UAE’s daily crude oil production
.
Saudi Arabia clearly opposes this, saying that the overall interests of the UAE should not be sacrificed for the demands of a single country
.
The oil production increase policy reached a compromise, and Saudi Arabia agreed to raise the UAE's production reduction benchmark in exchange for the UAE's agreement to extend the overall production reduction agreement from April 2022 to the end of the year
.
On the same day, the UAE Ministry of Energy issued a statement stating that relevant deliberation work is still ongoing and no agreement has been reached with OPEC on the baseline for production reduction
.
Previously, OPEC and non-OPEC partner countries originally planned to hold a meeting at the beginning of this month to discuss the next step of production scale
.
However, due to serious differences, members have conducted multiple rounds of consultations, and the meeting has been postponed repeatedly
.
Saudi Arabia proposed a small increase in production plan, advocating that OPEC members increase their daily output by 400,000 barrels from August to December; at the same time, it hopes to extend the current production reduction agreement until the end of 2022
.
This proposition has been supported by all members except the UAE
.
The UAE believes that it is too early to discuss the extension of the production reduction agreement.
If the extension is to be accepted, it must agree to substantially increase the UAE’s daily crude oil production
.
Saudi Arabia clearly opposes this, saying that the overall interests of the UAE should not be sacrificed for the demands of a single country
.
