Sunday, November 28, 2021

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United Arab Emirates frustrates OPEC + summit

United Arab Emirates frustrates OPEC + summit

Vienna, July 7 (Prensa Latina) The members of the Organization of Petroleum Exporting Countries and its 10 allies (OPEC +) were unable to overcome their differences due to the reluctance of the United Arab Emirates, analysts recall today.
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This nation showed its dissatisfaction with the agreement on the levels of crude production set at the meeting, which ended this beginning of the week without a new scheduled date, according to digital media and experts from the oil market.

The UAE is ranked fourth out of 23 OPEC + producers, behind Russia, Saudi Arabia and Iraq.

With an offer of almost 2.74 million barrels per day expected this month, the country represents just over seven percent of the total OPEC + members, subject to production quotas (all except Iran, Venezuela and Libya).

But its maximum capacity is clearly higher, peaking at more than 3.8 million barrels per day in April 2020, before the drastic cut in production.

This disagreement seems to go beyond oil policy, according to Helima Croft, an analyst at RBC Capital Markets, who sees in this position a will to chart their own path on the international arena.

pgh/lcp

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