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UAE says committed to OPEC+ agreement

UAE is committed to OPEC+ agreement

The UAE Energy Minister, Suhail Al Mazrouei, stated that his country is committed to the “OPEC+” agreement, between members of the Organization of Petroleum Exporting Countries (OPEC) and allies from outside it.
This came a day after the UAE ambassador to Washington, Yousef Al-Otaiba, announced that his country would urge OPEC members to increase production.
Al-Otaiba had indicated, in a statement sent to the “Financial Times” that his country “prefers to increase production, and will urge member states to consider increasing production.”
He added, “The UAE has been a responsible and reliable producer in the global oil market for more than 50 years, and it believes that stability in energy markets is essential to the global economy.”
In this context, the Wall Street Journal quoted an OPEC official as saying on Wednesday that the organization was “surprised by the sudden shift in the UAE’s strategy, and the organization was not consulted in this regard.” An unnamed Saudi official, said that The UAE’s desire to increase oil production (Otaiba’s statements), “was not a coordinated step with Saudi Arabia.”
Hours after Al-Otaiba’s statement, Reuters quoted UAE Energy Minister Suhail Al Mazrouei as saying that his country is committed to the “OPEC +” agreement and the current monthly production adjustment mechanism.
Al Mazrouei pointed out that the UAE “believes in the value that the agreement brings to the oil market.”
Oil prices recently rose due to the geopolitical tension resulting from the Russian invasion of Ukraine, in addition to US President Joe Biden’s ban on energy imports from Russia to the US of America, which reinforced fears.
A few days ago, the United States announced the release of 60 million barrels of strategic reserves, in cooperation with its allies, in an attempt to lower prices.
OPEC Secretary-General Muhammad Barkindo said in statements to Bloomberg TV on Wednesday that the market does not suffer from any “real” shortage of oil, despite the rise in oil prices by about 30% since Russia’s invasion of Ukraine.

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