The Minister of Energy and Industry Suhail bin Muhammad Faraj Fares Al Mazroui affirmed the support of the United Arab Emirates to the proposal of the Kingdom of Saudi Arabia to call for an urgent meeting of "OPEC +" countries and a group of other countries to ensure balance and stability in the global oil market.
He said that the concerted efforts of the oil producing countries are a basic requirement and their joint responsibilities are not limited to only the group of "OPEC +" countries, but also to all producers around the world, which contributes to addressing weak global demand in global oil markets.
He praised the positive and pivotal role of the Kingdom of Saudi Arabia for its great efforts to achieve balance in global markets .. He said, "Do not forget the role of the Kingdom of Saudi Arabia in the previous" OPEC + "agreement, as the Kingdom has assumed a greater rate of reduction of its share.
And the price of the important role played by countries outside OPEC, led by the Federal Republic of Russia, for their constructive cooperation to achieve balance in global markets.
The Minister of Energy and Industry confirmed the UAE’s confidence that all producing countries will undertake joint cooperative action as soon as possible to address the weak oil demand in global markets, which helps to keep the global oil reserve at reasonable levels.