Al Mazrouei: The UAE is committed to the “OPEC Plus” agreement and the production adjustment mechanism

Suhail Al Mazrouei: "The UAE believes in the value that the (OPEC Plus) group provides to the oil markets."

The Minister of Energy and Infrastructure, Suhail Al Mazrouei, said that the UAE is committed to the “OPEC Plus” agreement and its current monthly production adjustment mechanism.

Al Mazrouei added, in a tweet on his official account on the Twitter platform, that "the UAE believes in the value that the (OPEC Plus) group provides to the oil markets."

The day before yesterday, oil prices touched $130 a barrel, before dropping yesterday to $113.

Oil prices have witnessed successive rises since the start of the Russian war on Ukraine, amid American and Western aspirations towards producing countries, to increase oil production, to control prices.

And “OPEC Plus” is an agreement formed at the end of 2016 comprising 13 member states of the Organization of Petroleum Exporting Countries “OPEC”, in addition to 10 countries outside, led by Russia, with the aim of controlling prices and determining production cuts, at a time when prices witnessed significant declines that affected in the producing countries.

“OPEC Plus” does not include the United States, nor does the bloc of American shale oil producers, whose companies have played a major role in the price declines over the past years.

The world consumes 100 million barrels per day of crude oil.

And before the Russian war on Ukraine, specifically at the beginning of last February, Reuters, quoting two sources in OPEC Plus, said that it was agreed to commit to pumping moderate increases in oil production despite pressure from large consumers to accelerate the increase, after crude prices reached the highest levels in seven years.

The Organization of the Petroleum Exporting Countries and its allies, led by Russia, produce more than 40% of global oil supplies, and are facing calls from the United States, India and others to pump more oil.

However, “OPEC Plus” agreed to adhere to the target rate by pumping monthly increases of 400,000 barrels per day.

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