Saudi Gazette report

JEDDAH — Energy Minister of the United Arab Emirates Suhail Al-Mazrouei has lauded Saudi Arabia’s efforts to reach an OPEC+ agreement.

He made the remarks after major oil-producing countries agreed on Sunday to further ease oil supply cuts from August and to extend an overall supply management pact until the end of 2022.

Backing the new arrangements, the UAE minister said: "We support strongly the agreement reached."

Kuwaiti Oil Minister Mohammad Abdulatif Al-Fares also praised the efforts of his Saudi counterpart Prince Abdulaziz Bin Salman to bring together OPEC Plus.

“We affirm the Gulf interdependence through full communication between Saudi Arabia and the UAE,” the Kuwaiti minister added.

Ending its disagreement on the continued oil production cut, the OPEC+ announced in a statement on Sunday that Iraq, Kuwait, Russia, Saudi Arabia and the UAE would see their limits rise.

Speaking during the press conference after the announcement, Prince Abdulaziz said: "What bonds us together is way beyond what you imagine," adding: "We differ here and there but we bond.”

Under the new production limits, the UAE would be able to produce up to 3.5 million barrels of crude oil a day beginning in May 2022. That's below the 3.8 million barrels a day it reportedly sought. Saudi Arabia's limit of 11 million barrels a day would rise to 11.5 million, as would Russia's. Iraq and Kuwait saw smaller increases.