The Ministry of Energy and Industry of the UAE explained what the cause of disagreements on OPEC transaction is +. About this on Sunday reports TASS.
As explained in the department, the UAE maintain an increase in oil production by the countries of the Alliance from August to the end of 2021. At the same time, they disagree with the extension of the transaction parameters until the end of 2022. According to the Ministry of Energy of the UAE, it “prolongs the unfair base clip.”
UAE also insist at revising the base oil production level, from which the abbreviation volume is counted for all sides. In the agreement, which has been operating since May 2020, for all countries, except Russia and Saudi Arabia, for this level of October 2018. According to the UAE authorities, if it is renewed, the agreement should reflect the actual state of the capacity, and not outdated data. In this case, the basic level of production, in their opinion, should be raised from 3.2 million barrels per day to 3.8.
Earlier it was reported that Saudi Arabia and Russia reached preliminary agreements on the gradual increase in oil production in OPEC countries + in the coming months. According to Bloomberg, it can be about increasing production by two million barrels per day from August to December.