In a press conference, the OPEC member states confirmed the extension of the oil production agreement until the end of 2022 instead of next April.
A statement issued by the two conferees also confirmed that they plan to end the cuts in full by September 2022 if market conditions permit.
For his part, the UAE Minister of Energy and Infrastructure, Suhail Al Mazrouei, said that “the UAE strongly supports the agreed decision.”
The Emirati official added: “There was a constructive dialogue with the OPEC + group, and the UAE is committed to the group in order to achieve a balance in the market.”
Al Mazrouei indicated that “OPEC + is strong and committed until there is stability in the oil market, and until recovery from the effects of the Corona virus is achieved.”
Among the decisions taken at the meeting, was to increase the UAE’s reference production line to 3.5 million barrels per day starting from May 2022.
It was also agreed to increase the reference production line for Kuwait and Iraq by 150,000 barrels per day starting from May 2022, in addition to increasing the reference production line for Saudi Arabia and Russia by 500,000 barrels per day starting from May 2022.