UAE says no clear position ahead of OPEC+ ministerial meeting

The UAE, which is the fourth biggest oil producer in the OPEC+ agreement, has announced that it doesn’t yet have a definite position before the ministerial meeting scheduled for December 1-2, the UAE Energy Ministry tweeted, Report informs.

The Wall Street Journal reported that the UAE and Kuwait opposed the agreed position of Russia and Saudi Arabia.

During the OPEC+ ministerial meeting, the participating countries are to determine the oil production levels for January 2022. Since August this year, they have been restoring production by 400,000 barrels per day, including December.

The US has repeatedly demanded that OPEC+ increase production at a faster pace for oil prices to fall, but received no support from the cartel. Therefore, the US announced that it would sell 50 million barrels from the reserve to stabilize oil prices, and they were supported by Japan, India, and the UK. These countries also announced that they are ready to release their own strategic reserves.