The United Arab Emirates’ (UAE) energy minister said on Wednesday that his nation is committed to the OPEC+ deal and its existing monthly production adjustment system, only hours after the Arab country’s envoy to Washington expressed support for increased output.
“The UAE believes in the value OPEC+ brings to the oil market,” UAE energy minister Suhail al-Mazrouei said on Twitter.
Earlier, Yousef Al Otaiba, the UAE’s ambassador to Washington, said in a statement issued by the embassy that his country supports more oil production and will encourage OPEC to consider it.
On Wednesday, US Secretary of State Antony Blinken stated that the UAE was supporting increasing oil output.
Over the last several months, the Organization of Petroleum Exporting Countries and its partners, including Russia, have started reinstating 5.8 million barrels per day in production restrictions, with another 400,000 barrels per day due in April, to restore supply cuts dating back to the 2020 pandemic outbreak.
However, as oil prices have risen to over $120 per barrel, the group has rejected requests from the US and allies to increase supply.
In reaction to Russia’s invasion of Ukraine, US President Joe Biden placed an immediate ban on Russian oil and other energy imports.
On Tuesday, US Energy Secretary Jennifer Granholm stated that the US is urging all producers across the world to raise production as the US would not compel its partners to follow suit and block Russian oil and energy imports.