UAE is fully committed to OPEC+ agreement, has no “prior stance”



© Reuters. FILE PHOTO: United Arab Emirates’ Minister of Energy and Infrastructure Suhail Mohamed Al Mazrouei attends a session of the Russian Energy Week International Forum in Moscow, Russia October 14, 2021. REUTERS/Maxim Shemetov

DUBAI (Reuters) -The United Arab Emirates is fully committed to the OPEC+ agreement and has no “prior stance” ahead of an upcoming meeting on Dec. 2, state news agency WAM reported on Thursday.

“The energy ministry confirms that the United Arab Emirates is fully committed to the cooperation agreement with OPEC+ and that there is no prior stance on the upcoming meeting,” the agency said, citing an energy ministry statement.

The ministry “reiterates that any decisions will be taken collectively by the OPEC+ group in its next Ministerial meeting,” it added.

The Organization of the Petroleum Exporting Countries (OPEC), Russia and their allies, together known as OPEC+, are to hold two meetings next week to set policy, with a gathering on Dec. 1 for OPEC members only and another on Dec. 2 for OPEC+, two sources from the producer group said on Wednesday.

Energy Minister Suhail Al-Mazrouei told reporters on Tuesday that he saw no logic in his country supplying more oil to global markets when all indicators pointed to a supply surplus in the first quarter of next year.

OPEC+, which includes Russia, has resisted requests from Washington and other consumer nations for swifter hikes, sticking to its plan of gradually raising output by 400,000 barrels per day (bpd) each month since August.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *