In an interview with Saudi-owned Al Arabiya television channel on Sunday, Saudi Energy Minister Prince Abdulaziz bin Salman urged the UAE to “compromise” and behave logically in order to reach an agreement on Monday on oil output strategy.
“The extension is the primary concern, not a side problem.”
“You have to strike a balance between dealing with the current market situation and keeping the ability to respond to future events… if everyone wants to expand production, then an extension is required.”
“Over the past 14 months, significant efforts have yielded tremendous outcomes, and it would be a tragedy not to sustain those gains… Some compromise and pragmatism will save us.”
“We’re searching for a means to balance the interests of production and consumption countries, as well as market stability in general, especially when stockpile reductions are likely to cause shortages.”
No government should use a single month as a baseline comparison, he said, adding that “selectivity is tough” and that there was a procedure for filing complaints.
According to Reuters, the UAE stated Sunday it supports an increase in output from August but advised deferring the decision on extending the supply accord to a later meeting./n
