DH Latest NewsDH NEWSLatest NewsNEWSGulfInternationalBusiness

UAE states it is commited to OPEC+ accord and monthly mecha8

The United Arab Emirates’ energy minister said on Wednesday that his country is committed to the OPEC+ deal and its existing monthly production adjustment system, only hours after the Arab country’s envoy to Washington expressed support for increased output.

On Twitter, UAE energy minister Suhail al-Mazrouei remarked, “The UAE believes in the value OPEC+ brings to the oil market.”

Earlier, Yousuf Al Otaiba, the UAE’s ambassador to Washington, said in a statement issued by the embassy that his country supports more oil production and will encourage OPEC to consider it.

On Wednesday, US Secretary of State Antony Blinken stated that the UAE was supporting increasing oil output.

Over the last few months, the Organization of Petroleum Exporting Countries and its partners, including Russia, have started restoring 5.8 million barrels per day in production restrictions, with another 400,000 barrels per day due in April, to restore supply cuts dating back to the 2020 pandemic outbreak.

However, as oil prices have risen to over $120 per barrel, the group has rejected requests from the US and allies to increase supply.

In reaction for Russia’s invasion of Ukraine, US President Joe Biden placed an immediate ban on Russian oil and other energy imports.

Although the ban will raise energy prices in the United States, Biden believes it is vital to punish Russian President Vladimir Putin for the invasion. Russia’s actions in Ukraine are described as a “special military operation” by Moscow.

shortlink

Post Your Comments


Back to top button