The United Arab Emirates did not endorse a Saudi Arabia-backed OPEC plan to cap production of oil cartel and allied producing countries to extend the global pact to cut oil production beyond April 2022.
The Emirati Ministry of Energy called it unfair to the UAE the proposal to extend the agreement for the entirety of 2022 without raising its production quota.
One of the group’s largest oil producers, the UAE is seeking to increase its output – setting up a contest with ally and OPEC heavyweight Saudi Arabia, which has led a push to keep a tight lid on production.
Video conference talks were held on Friday between the 13 members of OPEC proper, followed by a technical meeting and discussions between the 23 members of OPEC Plus.
But the combined OPEC Plus grouping of members led by Saudi Arabia and non-members, chief among them Russia, failed to reach an agreement on oil output. Negotiations over the dispute are set to resume on Monday.
The UAE said it supported plans for output increases over the summer, believing the market to be “in need of higher production”.
