Today, the United Arab Emirates considered the agreement proposed by the Organization of the Petroleum Exporting Countries and its allies (OPEC +) “unfair”, according to a statement issued by the official Emirates News Agency (WAM).

“The Joint Ministerial Monitoring Committee (JMMC) has unfortunately only suggested one option, which is to increase production on the condition of extending the current contract, which would extend the reference production volume [de 2018], unfair to the United Arab Emirates, until December 2022 instead of April 2022,” the government said.

In 2018, OPEC + began a policy of limiting its production to maintain the oil price, but with the sharp drop in demand recorded since the beginning of the Covid-19 epidemic, the organization and its allies reduced production even more, after it started in the past. It may gradually increase.

“The UAE is ready to extend the agreement if necessary, but it demands a review of the (increased) reference production volumes to ensure that it is fair to all parties,” the statement said.

On Friday, 23 OPEC+ countries, led by Saudi Arabia and Russia, failed to reach consensus on increasing production quotas from August, after the first stalemate in negotiations recorded the day before.

Negotiations, which began on Thursday, continued on Monday, and this time it is not the traditional rivalry between Moscow and Riyadh that makes it difficult to reach an agreement. Observers from Agence France-Presse (French Press Agency) indicated that in the event of a failure, the responsibility of the United Arab Emirates, which renewed the request for an upward revision of its reference production volume, which serves as a basis for calculating its share, will be the responsibility.

This limit, which was set in October 2018, is considered obsolete by the UAE, which claims “capacity [de produção] “Its higher than that,” Commerzbank analyst Eugene Weinberg was quoted by AFP as saying.

The UAE insists on raising it to 3.8 million barrels, said Saxobank analyst Ole Hansen, which currently sets 3.17 million barrels, assuring AFP that OPEC + does not want to “open Pandora’s box.”