DUBAI, March 10 (Reuters) – The United Arab Emirates is committed to the OPEC+ agreement on monthly oil production and has not agreed to individually increase production outside that framework, UAE energy minister Suhail al-Mazrouei told state news agency WAM on Thursday, reiterating earlier remarks.
The UAE’s ambassador to Washington, Yousuf Al Otaiba, had said in a statement which the embassy posted on Twitter that Abu Dhabi favoured an increase in output and would encourage OPEC to consider one.
But later, Energy Minister Suhail al-Mazrouei said the country believed in the value OPEC+ brought to the market.
Until now, the group of producers comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, collectively known as OPEC+, has resisted calls from the United States and others to increase output, even as oil prices surge to more than $120 a barrel.
EnergyNow is an online energy news and data media service dedicated to providing essential up to-date information on the United States energy industry.
We provide live feeds designed to help energy professionals, field personnel, business owners, and senior business leaders get the latest energy news and data, energy industry press releases and energy job and event listings.
Help us to improve EnergyNow, Give us your feedback