Reuters reported, citing OPEC+ sources, that “the UAE does not reject the notion of raising output by the group, but it wants its own production to be greater,” as the discussions between OPEC and its allies (OPEC+) are expected to resume Friday at 1300 GMT.
“Its baseline – the starting point for any cuts – was originally set too low, which it was willing to accept if the pact expired in April.”
“The UAE plans to increase its base production to 3.84 million bpd from the current 3.168 million bpd.”
“If its baseline is adjusted, it might mean putting more oil on the market than intended, or forcing other producers to accept a smaller rise.”
“The UAE has big production aspirations, with billions of dollars invested to expand capacity. Around 30% of UAE capacity has been depleted as a result of the OPEC+ deal “y dormant.”/n
