Foreign

UAE may withdraw from OPEC+ over tensions with Saudi Arabia, Russia – Reports

Published

on

With tensions running high between the United Arab Emirates and its petroleum allies, Saudi Arabia and Russia, Abu Dhabi considers the idea of leaving OPEC+, media reported.

The Bloomberg news agency reported this on Thursday, citing its sources.

This step was not in line with the UAE’s policy, as the country has stayed away from public conflicts for a long time, preferring to address issues quietly behind closed doors, the news outlet reported.

The media added that it was unclear yet whether the warning was “a maneuver to force a negotiation over production levels, or represents a genuine policy debate.’’

The relations between Riyadh and Abu Dhabi  escalated since the late summer, when the UAE increased its oil output beyond the OPEC+ quota envisaged in the deal, prompting warnings from Saudi Arabia.

The situation has deteriorated by now in light of the UAE’s rising backlash on the distribution of production targets, which the country’s government considers unfair.

Meanwhile, Bloomberg reported that the UAE officials have not announced in public its intent to withdraw from the organization.

According to the agency, reports on the UAE’s exit from OPEC+ have appeared in very challenging circumstances, as any internal disputes may undermine the already fragile oil market against the backdrop of the long-standing coronavirus pandemic that threatens oil demand.

Along with these developments, the UAE Energy Ministry said on Wednesday that it had reached a 126-per cent compliance with the OPEC+ oil output cuts deal in October by reducing its production level by 153,000 barrels per day.

Earlier in the week, the OPEC+ Joint Ministerial Monitoring Committee discussed the situation in the oil market amid the second wave of the pandemic and the feasibility of increasing the alliance’s production from 2021 under prevailing conditions.

It made no recommendation, although a day earlier, OPEC+ experts recommended that ministers consider maintaining the current production restrictions for the first quarter or for the first half of 2021.

The final decision is expected to be made at the annual OPEC+ ministerial meeting, scheduled for Dec. 1.

Edited By: Fatima Sule/Felix Ajide
Source: NAN

Fatima Sule

Fatima Sule: is a graduate and a professionally trained journalist, with experience in national news reporting/editing and verification at the News Agency of Nigeria. NNN is a media subscriber of the News Agency of Nigeria. NNN is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor[at]nnn.ng. Disclaimer.

Latest News

Fabio Aru signs for Team Qhubeka ASSOS Signing of the Advisory Services Agreement between the Islamic Corporation for the Development of the Private Sector (ICD) and Xalq Bank, Uzbekistan African Energy Chamber Starts a Working Visit to Mozambique to Push for Natural Gas Adoption and Jobs Creation UN Global Compact partners with African Media Agency (AMA) on Virtual SDG Summit Over 3.3 million children vaccinated in Chad in large-scale polio campaign How the world’s highest HIV-prevalence country turned around, and in record time World’s governments must wind down fossil fuel production by 6% per year to limit catastrophic warming Gruesome Boko Haram Killings in Northeast Nigeria Foreign fighters a ‘serious crisis’ in Libya, UN mission chief tells high stakes political forum Ethiopian Government and UN strike deal for ‘unimpeded’ humanitarian access in Tigray Mali: COVID-19 and conflict lead to rise in child trafficking AERC to host Bi-annual Plenary on the COVID-19 Pandemic and Public Finance in Africa African Union to Launch the African Single Electricity Market (AfSEM) Communiqué on H.E. Moussa Faki Mahamat, Chairperson of the African Union Commission's two day working visit to the Republic of South Africa Coronavirus – Malawi: COVID-19 Daily Information Update (1st December 2020) Rugby: The General Assembly of the Rwanda Rugby Federation (RRF) Elected New Conflict and Resolution Committee Lionesses Graduate from Isuzu East Africa (EA) Life Skills Program Ecobank Group wins Awards from EMEA Finance, The Banker and Global Finance COVID-19 drives wages down, new International Labour Organization (ILO) report finds Coronavirus – South Africa: MEC Anroux Marais on suspension of summer initiation season due to Coronavirus COVID-19 pandemic Coronavirus – South Africa: COVID-19 statistics in South Africa (01 December 2020) Brown, Tanfield and Vinjebo sign-on for Team Qhubeka ASSOS Coronavirus – Nigeria: COVID-19 case update (1 December 2020) Coronavirus – Zambia: Daily status update (1st December 2020) Uniting Business for A Stronger Africa Coronavirus – South Africa: COVID-19 update for South Africa (1 December 2020) Coronavirus – Kenya: Distribution of Cases by Counties (1 December 2020) Coronavirus – Kenya: COVID-19 updates (1 December 2020) Coronavirus – Ethiopia: COVID-19 reported cases in Ethiopia (1 December 2020) Coronavirus – Zimbabwe: COVID-19 Update (1 December 2020) Nestlé partners with Nomanini and Standard Bank to empower informal retail traders across the Eastern and Southern Africa Region LaLiga signs Mondia group as strategic technology and commercial partner for Europe, Middle East, Africa and Asia Pacific African Energy Chamber projects Africa’s Power Demand to Keep Rising Between 4-5% per year African Development Bank Board approves People Strategy for 2021-2025 Rugby Africa provides Massive Kick Start to Unions for 2021 Season Financial services brands foster a community spirit to drive innovation (By Nikolai Stankau) CrossBoundary Energy Access open sources their Project Financing Approach for Mini-grids to accelerate Energy Access for all in Africa by 2030 Vertiv Ranked as Global Leader in Rapidly Evolving Data Center Cooling Market Uniting Business for A Stronger Africa Violence against Women and Girls; financial and economic inclusion of women among key outcomes of AU Ministerial meeting African Union Commission set to launch a Multi-Donor Action against Illicit Financial Flows in Africa South Sudan: For the people of Juba, an African Development Bank Group (AfDB) supported water project brings better health – and peace “It Brings Us Hope”: African Development Bank Leads Drive to Deliver Electricity to All Coronavirus – Rwanda: COVID-19 update (30 November 2020) Coronavirus – Malawi: COVID-19 Daily Information Update (30th November 2020) Coronavirus – South Africa: COVID-19 statistics in South Africa (30 November 2020) Webb Fontaine announces Important Investments to Open an Artificial Intelligence R&D Centre in Africa Coronavirus – South Africa: Premier Alan Winde update on Coronavirus COVID-19 on 30 November Coronavirus – Zambia: Daily status update (30th November 2020) Coronavirus – Gambia: Daily case update as of 30th November 2020