The United Arab Emirates (UAE) minister reiterated the country’s commitment to the production decision of OPEC+ producers, refuting the recent remarks of the country’s ambassador to the US.
“The UAE believes in the value OPEC+ brings to the oil market. The UAE is committed to the OPEC+ agreement and its existing monthly production adjustment mechanism,' Suhail Al Mazrouei said in a Twitter post on Wednesday.
However, earlier on Wednesday, the UAE Ambassador to the US, Yousef Al Otaiba, said his country “favors production increases and will be encouraging OPEC to consider higher production levels.”
'The UAE has been a reliable and responsible supplier of energy to global markets for more than 50 years and believes that stability in energy markets is critical to the global economy,” Al Otaiba said in a statement released by the embassy.
The OPEC+ group has been insisting on its pre-scheduled production scheme despite international pressures to increase its output amid declining global spare capacity and supply concerns in the wake of the Russia-Ukraine war.
However, due to technical issues and other capacity constraints, the OPEC+ alliance has only been able to pump 280,000 barrels per day (bpd), relative to the planned increase of 400,000 bpd in January, according to the International Energy Agency.
By Sibel Morrow