UAE is fully committed to OPEC+ agreement, has no “prior stance”

DUBAI, Nov 25 (Reuters) – The United Arab Emirates is fully committed to the OPEC+ agreement and has no “prior stance” ahead of an upcoming meeting on Dec. 2, state news agency WAM reported on Thursday.

“The energy ministry confirms that the United Arab Emirates is fully committed to the cooperation agreement with OPEC+ and that there is no prior stance on the upcoming meeting,” the agency said, citing an energy ministry statement.

The ministry “reiterates that any decisions will be taken collectively by the OPEC+ group in its next Ministerial meeting,” it added.

The Organization of the Petroleum Exporting Countries (OPEC), Russia and their allies, together known as OPEC+, are to hold two meetings next week to set policy, with a gathering on Dec. 1 for OPEC members only and another on Dec. 2 for OPEC+, two sources from the producer group said on Wednesday. read more

Energy Minister Suhail Al-Mazrouei told reporters on Tuesday that he saw no logic in his country supplying more oil to global markets when all indicators pointed to a supply surplus in the first quarter of next year. read more

OPEC+, which includes Russia, has resisted requests from Washington and other consumer nations for swifter hikes, sticking to its plan of gradually raising output by 400,000 barrels per day (bpd) each month since August.