The United Arab Emirates is opposing a deal struck between OPEC+ and Russia, which threatens to break the unity of the 24-member oil cartel. While there is agreement on increasing production of crude, the UAE says it has every right to negotiate “fairer terms” for its oil. Its baseline production is 3.2 million barrels per day, which it says should be revised to 3.8 million barrels. It’s also not keen that the current deal continue until the end of next year. A final round of negotiations is expected on Monday.
July 28, 2021
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