UAE and Saudi Arabia do their part to balance oil markets, their ministers say

The energy ministers of Saudi Arabia and the United Arab Emirates, two of the world’s largest oil producers, said today that their countries have done their part to balance crude markets.

“We have a mission and a unique mission to stabilize the market. So we can not politicize or bring politics into the organization by having this debate; our goal is to calm the market,” the UAE energy minister told a conference. Suhail al-Mazroui.

The Gulf states, close allies of the United States, are members of the Organization of the Petroleum Exporting Countries (OPEC) and the OPEC + alliance, which includes OPEC and other major producers such as Russia and Mexico.

The OPEC + alliance has come under increasing pressure to pump more slowly since Russia, OPEC + ‘s largest producer, invaded Ukraine on February 24 and Western countries retaliated by slashing Russian exports. oil.

Mazroui said the group is trying to find as much oil as possible.

“If we ask someone to leave, then we raise prices, then we do something that is against what consumers want,” said Mazroui, when asked about Russia’s rejection of OPEC + as a result of Ukraine’s invasion.

“If a country decides unilaterally, or two or five countries, they all have the right to choose from which sources they will buy, but we can not decide for all the countries of the world and say you can not buy these barrels.”

Saudi Arabia’s energy minister, Prince Abdulaziz bin Salman, has said that Russia produces enough oil every day, which is equivalent to about 10% of world consumption.

Prince Abdulaziz has said that if the security of oil supplies is threatened, then the world economy will suffer. “Security is a priority right now and some countries are forgetting whether energy is affordable,” he said.

SOURCE: AMPE