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…