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UAE reaffirms committment to OPEC+ agreement

DUBAI (AFP) – The United Arab Emirates (UAE) yesterday reaffirmed its committment to the Organization of the Petroleum Exporting Countries Plus (OPEC+) alliance agreements, a day after an envoy said it would urge the oil cartel to boost output.

“The UAE is committed to the OPEC+ agreement and its existing monthly production adjustment mechanism,” Energy Minister Suhail al-Mazrouei wrote on Twitter. “The UAE believes in the value OPEC+ brings to the oil market.”

At last week’s OPEC+ meeting, the 13 members of the Saudi-led OPEC group and their 10 allies, including Russia, agreed to hold firm on plans to stick to existing output targets through April.

A surge in prices and supply fears following Russia’s invasion of Ukraine have led to calls for the OPEC+ to increase output.

The OPEC+ group plans to boost production by just 400,000 barrels a day in April, the same pace as in recent months.

UAE Ambassador to Washington Yousef al-Otaiba said on Wednesday that his country favoured “production increases and will be encouraging OPEC to consider higher production levels”.

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