The UAE will work with OPEC+ to ensure the sustainability of the energy market, UAE Energy Minister Suhail al-Mazroui said.
According to the minister, the UAE is doing its best to increase capacity to 5 million bpd, but that doesn’t mean it wants to go it alone or leave OPEC+. This group includes the Organization of the Petroleum Exporting Countries, Russia, and others.
“We, as a country, try to do our best. We are investing and increasing our capacity to 5 million barrels,” Mazrui said. “But this does not mean that we will leave OPEC + or do something unilateral. We will work with this group to keep the market stable.”
The oil market has been volatile due to the imposition of sanctions against Russia and the crisis in Ukraine, and the expansion of COVID-related lockdowns in China, the world’s largest importer of crude oil.
The stock indicator for Brent oil rose 11.5% last week due to fears that sanctions against Russia in connection with the Ukrainian crisis will begin to affect its production and exports. It fell more than 3% on Monday.
In the short term, energy markets could tighten as oil demand rose nearly 3 million bpd over the past year, Sultan Ahmed Al Jaber, chief executive of the Abu Dhabi National Oil Company (ADNOC), said.
He said price volatility results from an underlying structural problem, and demand is expected to reach pre-pandemic levels by the fourth quarter of this year.