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UAE Backs Down From Oil Production Hike

ENERGY SECURITY

The UAE Minister for Energy Suhail Al Mazrouei has appeared to roll back on comments yesterday from UAE Ambassador to the US Yousef Al Otaibi and US Secretary of State Antony Blinken stating that the UAE is willing to increase oil production and urge fellow OPEC members to do the same.

  • Emirati news service Wam has reported that Mazrouei is 'committed to the “OPEC +” agreement and its current mechanism for adjusting monthly production'.
  • Wam continues that Mazrouei: 'believes in the value provided by “OPEC +” as there is no agreement to increase production unilaterally outside the “OPEC +” agreement in light of the UAE’s continuous support for the efforts of the oil alliance and its commitment to this agreement.'
  • At a State Department presser yesterday Blinken said: ''Im not sure if its been made public yet about Emirati support for increased OPEC+ production. Which I think is an important thing to stabilise global energy markets.'
USPolitical Market NewsPolitical RiskCommoditiesPolitical Risk BulletEnergy Bullets
USPolitical Market NewsPolitical RiskCommoditiesPolitical Risk BulletEnergy Bullets

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