UAE proposes to postpone decision to extend OPEC + pact: WAM agency

DUBAI, Jul 4 (Reuters) – The United Arab Emirates said on Sunday it supports an increase in oil production from August, but suggested delaying until another meeting the OPEC + decision on the extension of its global oil supply pact. beyond April 2022, the state news agency WAM reported.

The Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC +, will resume talks on Monday after failing to reach an agreement on oil production policy for the second day in a row on Friday, when the United Arab Emirates opposed some aspects. of the covenant.

The Persian Gulf producer supports a production hike from August as the market “urgently needs” more pumping, WAM said, citing an energy ministry statement.

The UAE is willing to extend the deal if necessary, but requests that a level from which cuts are calculated be revised to ensure they are fair to all parties, WAM reported.

“The UAE and its international partners have invested significantly in increasing their production capacity and believe that if the agreement is extended the benchmarks should reflect their current production capacity, rather than the outdated production benchmark of October 2018.” the ministry said in a statement.

The UAE’s Energy Ministry said an OPEC + ministerial panel, known as JMMC, which is chaired by Saudi Arabia, had made increased production conditional on the extension of the current deal.

“It makes no sense to impose conditions on an increase in August. We fully support an increase in August,” the ministry said.

(Reporting by Maher Chmaytelli; written by Rania El Gamal. Edited in Spanish by Rodrigo Charme)

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