Oil: the Emirates will call on OPEC to increase its production

Posted 10 March, 2022

"The United Arab Emirates considers the stability of energy markets essential for the global economy," said Ambassador to Washington Youssef Al Otaïba.

The United Arab Emirates, a member of the Organization of the Petroleum Exporting Countries (OPEC), said on Wednesday it would work with its cartel partners to increase production as Russia's invasion of Ukraine pushed prices up. to historic heights.

“We are in favor of an increase in production and we will encourage OPEC to consider increasing production levels,” said the ambassador of the Emirates in Washington, Youssef Al Otaïba.

“The Emirates have been a serious and responsible supplier of energy to the markets for more than 50 years, and they believe that the stability of the energy markets is essential for the world economy,” according to his statement obtained by AFP.

His remarks come as OPEC is called upon from all sides to curb the surge in crude oil prices fueled by the war in Ukraine.

And after the United States and Britain decided to stop importing oil from Russia -- the world's second-largest crude oil exporter, behind Saudi Arabia -- in response to the invasion of 'Ukraine.

US Secretary of State Antony Blinken said on Wednesday that it was “important to stabilize energy markets, to ensure that there are abundant amounts of energy around the world”.

Visiting Washington, British Foreign Minister Liz Truss for her part urged the G7 countries to “end their use of Russian oil and gas”, like London and Washington.

The day before, German Economy Minister Robert Habeck issued an “urgent appeal to exporting countries to increase the level of production to relieve the market”.

And in the United States, media have raised the possibility of a visit by American officials to Saudi Arabia - a country close to Western countries but also to Moscow - to convince Riyadh to pump more crude.

To avoid a price war and control the market, the Gulf countries have an interest in acting in a concerted manner, within OPEC, led by Saudi Arabia, but also with their allies within OPEC+ led by Russia.

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10 March, 2022 13:12

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