UAE’s Minister of Energy and Industry Suhail al-Mazrouei arrives for the 177th Organization of Petroleum Exporting Countries (OPEC) meeting in Vienna, Austria, on December 5, 2019.
JOE KLAMAR | AFP | Getty Images
The United Arab Emirates has pushed back on OPEC+ leaders Saudi Arabia and Russia, claiming its “sovereign right” to negotiate fairer terms for an oil production increase.
“For us, it wasn’t a good deal,” UAE Minister of Energy and Infrastructure Suhail Al Mazrouei told CNBC’s Hadley Gamble, referring to OPEC+ production cuts which were based on a “level of production that goes back to 2018.”
“We knew that the UAE position in that agreement was the worst in terms of comparing our current capacity with the level of production” he said Sunday.
“But an agreement is an agreement.”
Asked if the UAE would be willing to walk away, the minister said “we cannot extend the agreement or make a new agreement under the same conditions. We have the sovereign…