UAE set to support Saudi Arabia and Russia on oil output cuts

UAE set to support Saudi Arabia and Russia on oil output cuts

The UAE is likely to support substantial oil production cuts proposed by Saudi Arabia and Russia at Wednesday’s Opec+ meeting in a blow to US efforts to try to stop the deal.

Two people familiar with the discussions ahead of the meeting said the UAE was onboard despite a last-minute effort by the US and other western powers to talk the nation out of the deal. The Gulf state is among the most influential members of Opec+ outside of Saudi Arabia and Russia.

“While they respect their [the US] opinion the organisation needs to do what is in their best interests,” one Gulf Opec source said on Wednesday ahead of the meeting, where the group is expected to announce plans to reduce output by 1mn-2mn barrels a day or more.

The source added that the UAE had been contacted by the US and other western powers that oppose efforts to try and boost oil prices. The White House has indicated that it believes the cuts are unnecessary and come at a dangerous time for the world economy as it grapples with an energy crisis triggered by Russia’s full-scale invasion of Ukraine.

Suhail al-Mazrouei, the UAE energy minister, said on Wednesday that the risk of