United Arab Emirates reaffirms commitment to Petroleum Exporting Countries agreement.
Written by News Room on March 11, 2022
The United Arab Emirates (UAE) has reaffirmed its commitment to the Organization of the Petroleum Exporting Countries (OPEC+) alliance agreements, a day after an envoy said it would urge the oil cartel to increase output.
UAE’s Energy Minister, Suhail al-Mazrouei, who disclosed this, on Thursday, through his Twitter handle, also said that the UAE is committed to OPEC+ existing monthly production adjustment mechanism.
It would be recalled that at last week’s OPEC+ meeting, the 13 members of the Saudi-led OPEC group and their 10 allies, including Russia, agreed to continue with existing output targets through April this year.
According to reports, an increase in prices and supply fears following Russia’s attack on Ukraine have led to calls for OPEC+ to increase output.