UAE ‘remains committed’ to Opec+ accord

UAE ‘remains committed’ to Opec+ accord

Brent crude, the global benchmark, fell 13 per cent to $111 a barrel - it marked their steepest one-day decline in nearly two years.

Published: Thu 10 Mar 2022, 7:39 PM

The UAE on Thursday affirmed its commitment to the Opec+ agreement, following a sharp drop in oil prices on Wednesday, triggered by a comment on a possible output hike attributed to the country’s envoy to the US.

''The UAE remains committed to the Opec+ agreement and its existing monthly production adjustment mechanism," Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, said in a statement clarifying the country’s position on production hike.

''The UAE believes in the value the Opec+ agreement brings to the world oil market as there is no other agreement to raise output individually than this agreement in light of the UAE's continuous support for and compliance with the said agreement,'' the minister said.

On Wednesday, the UAE's ambassador to Washington, Yousef Al Otaiba, was quoted by CNN as saying that the country wants to increase oil production and will encourage the Opec to ramp up supply. "We favour production increases and will be encouraging OPEC to consider higher production levels," Otaiba was quoted as saying by CNN.

"The UAE has