UAE denies engaging in discussion with OPEC+ members to change latest agreement

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United Arab Emirates' energy minister said on Monday that the Gulf state denied that it is engaging in any discussion with other OPEC+ members to change their latest agreement, adding that it is valid until the end of 2023.

“We remain committed to OPEC+ aim to balance the oil market and will support any decision to achieve that goal,” Suhail Mohamed Al Mazrouei said in a Twitter post.

The Wall Street Journal earlier on Monday reported an output increase of 500,000 barrels per day was under discussion for the next meeting of OPEC and its allies, known as OPEC+, on Dec. 4. The report cited unidentified OPEC delegates.

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