Amid the ongoing Russia-Ukraine war, which led to a massive fuel crisis, the energy minister for the United Arab Emirates stated on Monday (October 31) that OPEC+ is committed to supplying the world with the oil it requires.
The minister reinforced the idea that the group of leading producers would always be able to maintain market equilibrium. At a major industry event in Abu Dhabi, Suhail al-Mazrouei stated that OPEC+ will always remain a trustworthy technical organisation to manage oil supply and demand.
OPEC+ is a group of the producer bloc with allies including Russia.
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“This technical organisation (OPEC) is always going to stay as a trusted, technical organisation taking decisions and doing its best to balance the supply and demand, so that is our commitment,” Suhail said.
“If there is a requirement like we have done so many times in the past, we are a phone call away if there are requirements, and we have said this so many times before,” he added.
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Amos Hochstein, the US energy envoy, issued a warning that the price of energy must be set in a way that promotes economic expansion and that greater investment is required in the oil and gas industry.
While speaking at the same conference, he further stated that the connection between the US and UAE is “solid, long-standing, and enduring”.
Notably, the United States government criticised the unexpected decision when OPEC+ agreed to reduce oil production in October, sparking one of the group’s largest conflicts with the West.
(With inputs from agencies)
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