Energy

UAE ‘unconditionally’ supports OPEC+ supply increase, minister says

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UAE’s Minister of Energy and Industry Suhail al-Mazrouei arrives for the 177th Organization of Petroleum Exporting Countries (OPEC) meeting in Vienna, Austria, on December 5, 2019.

JOE KLAMAR | AFP | Getty Images

The United Arab Emirates has pushed back on OPEC+ leaders Saudi Arabia and Russia, claiming its “sovereign right” to negotiate fairer terms for an oil production increase.

“For us, it wasn’t a good deal,” UAE Minister of Energy and Infrastructure Suhail Al Mazrouei told CNBC’s Hadley Gamble, referring to OPEC+ production cuts which were based on a “level of production that goes back to 2018.”

“We knew that the UAE position in that agreement was the worst in terms of comparing our…



Source cnbc.com

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