The Emirates reaffirm their attachment to OPEC+ and tackle Westerners

Posted 28 March, 2022

The United Arab Emirates on Monday called on Westerners to be "reasonable" in their expectations, reaffirming its commitment to the OPEC+ alliance, which includes Russia, as the crude market comes under pressure following the Russian invasion in Ukraine.

OPEC+ brings together members of the Organization of the Petroleum Exporting Countries, led by Saudi Arabia, and ten other non-OPEC exporting countries, led by Russia.

The members of OPEC + refuse for the moment to significantly increase their production to relieve the market, sticking to the gradual increase of 400,000 barrels per day each month.

The alliance forged by OPEC with other major producing countries, including Russia, is "here to stay", declared the Emirati Minister of Energy Suhail al-Mazrouei, during the world energy forum in the Atlantic Council in Dubai.

Mazrouei, whose country is a major OPEC member, said the Gulf countries were determined not to let "politics" undermine the organization.

“Unless someone is ready to supply 10 million barrels a day, we cannot replace the Russians” in the market, he continued.

While Western countries are urging OPEC, which is due to meet on March 31, to increase its production to curb the surge in crude prices, the Emirati minister considered that this was "difficult", while some member countries are doing faced with a decline in their production, due to the drop in investment in the oil sector.

“During COP 26 (on the climate), all the producing countries felt undesirable (...) Today, because they want us to increase our production, we are once again superheroes. But it doesn't work like that,” he quipped.

The Minister pleaded for long-term investments in the sector and a more "reasonable" approach to the energy transition.

He also warned of the impact of the war in Ukraine on the prices of all commodities, not just energy, calling for a "diplomatic" settlement of the conflict.

Previous story

29 March, 2022 09:06

← Sonova launches new $1.5 billion share purchase program

The new program, which will be launched in April and whose duration will reach 36 months, will be financed by free cash flow and by additional borrowings.


Sonova launches new $1.5 billion share purchase program

Next story

28 March, 2022 10:32

China: half of Shanghai confined for four days →

Containment in two stages: half of Shanghai is put under glass this Monday when the Chinese economic capital of 25 million inhabitants faces its worst outbreak of Covid-19 in two years.

China: half of Shanghai confined for four days
Write a comment
Prove you’re not a bot + 6 = 12