UAE committed to OPEC+ agreement, its monthly production adjustment mechanism: Energy Minister
UAE has carried out efforts to maintain consensus among the members of OPEC
Dubai: The UAE on Thursday affirmed its commitment to the OPEC+ agreement.
''The UAE remains committed to the OPEC+ agreement and its existing monthly production adjustment mechanism," said Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, in a statement to WAM.
''The UAE believes in the value the OPEC+ agreement brings to the world oil market as there is no other agreement to raise output individually than this agreement in light of the UAE's continuous support for and compliance with the said agreement,'' he said.
OPEC+ countries have so far resisted calls from the White House and other major oil consumers to ramp up production faster, arguing that the recent surge in prices to almost $140 a barrel in London is driven by geopolitical tensions rather than a genuine supply shortage.
The bloc has agreed to ramp up production by 400,000 bpd every month.
UAE has carried out efforts to maintain consensus among the members of OPEC around issues regarding the global oil market and its support to maintain balance and stability - by accounting the interests of producers and consumers.