The deal would see the group increase supply while also extending its pact until the end of next year. “The UAE is for an unconditional increase of production, which the market requires," Energy Minister Suhail Al-Mazrouei told Bloomberg Television on Sunday. Under the 2020 deal, the UAE has a baseline production figure of 3.2 million barrels a day. “We believe in the UAE that this group needs to work together for years, not only until the end of 2022," Mazrouei said. The UAE is leaving about one-third of its production capacity idle, a higher portion that other members of OPEC+, he said.

Source: Mint July 04, 2021 11:37 UTC