The United Arab Emirates and OPEC ministers have reached a compromise within the framework of the agreement.
At the OPEC + meeting, the parties agreed that the United Arab Emirates would increase oil production to 3.65 million barrels per day from May of 2022.
The United Arab Emirates demanded that its allowed daily limit of oil extraction, which now stands at 3.168 barrels, grow to 3.8 million.
The new quota for the United Arab Emirates was put into force after the OPEC agreement expired. The OPEC+ agreement on the reduction of oil extraction will be valid before the end of 2022.
Last year, after the demand for oil fell due to the coronavirus outbreak, OPEC+ countries reduced oil production by 9.7 million barrels per day. After the situation stabilized, the organization reduced oil extraction by 6.55 million barrels in May, 6.2 million in June, and 5.76 million in July.