United Arab Emirates Energy Minister Suheyl al-Mezrui said in his speech at an event that he will work with OPEC+ to ensure stability in the energy market.
Al Mezrui stated that he did his best to increase the daily production capacity to 5 million barrels, but this does not mean that they want to act differently from OPEC+, of which Russia is also a member. “We are investing to increase our capacity to 5 million barrels. However, this is not something we can do unilaterally. We will work with OPEC+ to stabilize the oil market,” said Al Mezrui.
Russia’s invasion of Ukraine and the quarantines imposed in China, the world’s largest oil importer, due to Kovid, cause sharp movements in the oil market.
Brent oil rose 11.5 percent last week, with the expectation that sanctions against Russia will affect production and exports in the country. Prices are down more than 3% today.
Abu Dhabi National Oil Company CEO Ahmed Al Jaber reported that prices are volatile due to structural reasons, and demand may reach pre-pandemic levels in the last quarter of this year.