The UAE has been committed to Opec+, consumers and the market despite some media reports suggesting otherwise, energy minister Suhail Al Mazrouei told a panel in Russia’s St. Petersburg on Thursday.
“I would call them the ‘great 8’; [they] have been sacrificing these additional voluntary cuts to stabilise the market. The UAE has been committed to this group, committed to the consumers and the market,” he said referring to the group of countries including Saudi Arabia, Russia, Algeria, Kazakhstan, Kuwait, Oman and Iraq.
Opec+ is an organisation of oil-producing countries that have come together to coordinate and unify petroleum policies — from production to supplies and prices — thus influencing the global market.
Earlier this week, Opec allowed the UAE to increase its production target by 300,000 bpd for next year.
The UAE had also pledged to make additional voluntary output cuts at the request of Saudi Arabia, which wanted to share the burden of cuts in an effort to support prices. The country’s output quota would be 3.519 million barrels per day in 2025, Opec said.