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The UAE Energy Minister, Suhail Al Mazrouei, said today, Monday, that the UAE will work with OPEC + to ensure the stability of the energy market, according to what was reported by Reuters.
He added in an energy forum that the UAE is trying its best and raising its production capacity to five million barrels, but this does not mean that it plans to exit the OPEC + alliance, which includes the Organization of the Petroleum Exporting Countries, Russia, and other countries, or to make any unilateral moves.
“We as a country are trying to do our best,” the UAE energy minister said. We are investing and increasing our production capacity to five million barrels.”
“But this does not mean that we will leave OPEC+ or take unilateral action. We will work with the group to ensure market stability.”
The oil market has been turbulent due to the Russian invasion of Ukraine and the expansion of lockdown measures due to the coronavirus pandemic in China, the world’s largest importer of crude oil.
The price of the benchmark Brent crude rose 11.5 percent last week, amid fears that sanctions imposed on Russia due to the Ukraine crisis will begin to affect its production and exports. Brent price fell more than 3% on Monday.
