OPEC+ reliable to balance markets, says UAE minister

The energy minister of the United Arab Emirates said on Monday (31) that OPEC+ is interested in providing the oil supply that the world needs, underscoring the message that the alliance of the main producers will always be in a position to balance the markets.

OPEC+, which groups together the producing bloc and allies including Russia, will always remain a trusted technical organization to balance oil supply and demand, Suhail al-Mazrouei said at a major industry event in Abu Dhabi.

“We are just a phone call away if the requirements are there.”

US energy envoy Amos Hochstein has warned that energy must be priced in a way that allows for economic growth and that more investment is needed in the oil and gas sector.

Speaking at the same conference, he added that the relationship between the United States and the United Arab Emirates is “strong, lasting and enduring.”

In October, OPEC+ decided to cut oil production, causing one of its biggest clashes with the West, as the US government called the surprise decision short-sighted.

OPEC+ producers rallied around Saudi Arabia, the biggest oil exporter, after its longtime ally the United States accused the kingdom of pushing member countries to cut production.

Reflecting on the US dispute over oil policy, Hochstein told reporters: “People can have disagreements. It’s a lot less drama than people think.”

OPEC+ is due to hold its next meeting in Vienna on December 4, the day before a Group of Seven (G7) agreement to limit Russian oil sales at a forced low price takes effect.

Saudi Arabia and the United Arab Emirates, two of the world’s biggest oil producers, are ramping up production, refining and working on clean hydrogen, Saudi Energy Minister Prince Abdulaziz bin Salman said on Monday.