Vienna: Suhail bin Mohammed Al Mazrouei, the Minister of Energy and Infrastructure, highlighted the crucial role of the United Arab Emirates (UAE) within the Organisation of the Petroleum Exporting Countries (OPEC) and OPEC+. He reiterated the UAE's commitment to supporting all decisions made by OPEC+ to achieve equilibrium and stability in the global oil markets.
According to Emirates News Agency, Al Mazrouei, during his participation in the 9th OPEC International Seminar in Vienna, stated that the UAE's policy aligns with OPEC+ decisions. He praised the UAE's leadership for implementing a strategy aimed at increasing the nation's production capacity. This enhanced capacity is expected to be introduced to the market when demand necessitates, serving as a stabilizing factor for both markets and oil prices.
Al Mazrouei expressed contentment with OPEC's gradual reintegration into the markets, noting that this reintegration has not disrupted price stability, demonstrating the awareness of OPEC and OPEC+ regarding market demands. He anticipated an increase in the group's share due to projected investments by member countries, including the UAE, which has invested in expanding its production capacity.
Al Mazrouei explained that the planned, gradual production increases have positively impacted market balance and price stability, with a slight rise indicating improved global oil demand. He acknowledged the significant role of OPEC+ in maintaining global oil market stability, emphasizing the collective decision-making process of the group's ministers and committees, who meet monthly to evaluate market demands and make informed decisions as a collective entity.
