Description: Spate of UAE and Saudi Arabia on OPEC oil production | Oil and Gas Issues

Saudi Arabia-led plan to increase cooperation with cap on oil production sparked controversy between OPEC heavyweight heavyweight.

At the Gulf summit, the United Arab Emirates and Saudi Arabia are in attendance he found himself arguing on an OPEC plan that seeks to raise funds for oil production.

Saudi Arabia has led the pressure on OPEC to boost oil production by the end of 2022, but the UAE returned on Sunday, saying the reduction in what happened at the end of April 2022 could be “unfair to the UAE”.

The UAE says the market is “in dire need of more oil” following a drop in oil prices and production last year as the epidemic hits mobility and energy consumption.

OPEC’s significant reduction has kept prices from falling even. However, too much recent spraying could affect the price of electricity.

Friday’s meetings, both between the 13 OPEC members eligible and between the 23 OPEC Plus members, failed to reach an agreement on oil production.

Under the OPEC Plus agreement, the UAE would cut its oil prices fairly by 18 percent, while Saudi Arabia reduced its emissions by 5%.

Discussions in the debate should resume on Monday.

What happens in the request

Speaking to CNBC on Sunday, UAE Minister of Energy Suhail Al Mazrouei said his country is “very committed, making up one-third of our sales for two years”.

“We cannot make a new agreement on the same conditions – we have the right to discuss this,” he said.

But Saudi Arabia has put in place measures to reduce yields and warn of the increase that has emerged during the ongoing epidemic as oil demand and economic recovery are still weak, the state power minister wants to “compromise and be rational”.

“The greatest effort has been made in the last 14 months to produce the best results and it would be a shame not to achieve these gains … Some have neglected and rational thinking is what will save us,” Saudi Energy Prince Abdulaziz bin Salman said.

Iraq also supported OPEC Plus’s request for a pledge to extend the agreement until December 2022, adding that oil prices would be $ 70 per barrel or more.

In the meantime, it remains to be seen whether the UAE will continue to adhere to Riyadh’s traditions, or whether it will choose to pursue an independent policy.

Compulsory contract

Riyadh and Abu Dhabi have seen eye to eye on a number of issues over the years, most notably participating in the Yemeni war against Iran’s Houthi-led terrorists, although the UAE withdrew most of its troops from Yemen in 2019.

Together with Bahrain and Egypt, the UAE and Saudi Arabia have boycotted operations against neighboring Qatar in 2017. A ceasefire agreement was announced by Saudi Arabia in January, but experts say the UAE does not want to hide the block.

So far, the UAE’s alliance with Israel last year has not been followed by Saudi Arabia.

Advocates in the Gulf not only disagree on the issue of oil production, but also the restrictions on the coronavirus epidemic.

Sunday, Saudi Arabia banned all travel arrangements travel to the UAE, Ethiopia and Vietnam to protect against various species of Delta coronavirus – which causes many diseases in the UAE.

Observers say this could be done to undermine the UAE’s authority as a commercial and tourism business, although the Saudis say the idea of ​​banning incoming flights is more about security than politics.