SAUDI ARABIA

UAE lauds Saudi efforts after OPEC agrees to boost oil output

July 18, 2021
File picture of Saudi Energy Minister Prince Abdulaziz bin Salman and Energy Minister of the UAE Suhail Al-Mazrouei.
File picture of Saudi Energy Minister Prince Abdulaziz bin Salman and Energy Minister of the UAE Suhail Al-Mazrouei.

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.


July 18, 2021
1840 views
HIGHLIGHTS
SAUDI ARABIA
3 hours ago

Moi extends grace period for getting license of illegal weapons and ammunition

SAUDI ARABIA
4 hours ago

Saudi Arabia backs Algeria’s bid for UN Security Council seat

SAUDI ARABIA
4 hours ago

Al-Khorayef sheds light on incentives offered to investors in industrial sector