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UAE committed to OPEC+ pact, no plan to up own output


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These translations are done via Google Translate

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.

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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.



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