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Saudi Energy Minister says rationality and concessions are needed

Saudi Energy Minister Prince Abdulaziz bin Salman Al Saud called out to make a few “rationalities and concessions” to reach an agreement on increasing oil production in the meeting on Monday after the UAE objected to increasing production by extending the OPEC Plus agreement.

The Saudi Energy Minister stated that all coalition members accepted the Saudi-Russian offer, except for one country, referring to the United Arab Emirates’ refusal.

Prince Abdulaziz bin Salman emphasised that a few “rationality and concessions” will help the summit succeed on Monday, after the failure of these attempts last Thursday and Friday. That provides a new opportunity to achieve an agreement to enhance output.

The Saudi Energy Minister wondered about the silence of countries with reservations about the agreement in the past.

The Saudi Energy Minister stressed that increasing production by 400,000 per month would not be enough to end the cuts in April 2022 (the date of the agreement’s expiration).

The UAE Ministry of Energy condemned the OPEC Plus deal as unjust and stated its support for an increase in output that is not dependant on the agreement being extended.

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