UAE to further strengthen its position as a reliable energy supplier

UAE to further strengthen its position as a reliable energy supplier

Country producing near maximum production capacity to maintain stability in market

Published: Thu 14 Jul 2022, 12:10 PM

The UAE will further consolidate its position as a reliable energy supplier, said the UAE President, His Highness Sheikh Mohamed bin Zayed Al Nahyan.

"We will also continue to consolidate our nation's position as a reliable energy provider, and support global energy security as a fundamental driver of global economic growth and development," Sheikh Mohamed said in the first televised address on Wednesday evening.

The UAE is one of the world's largest suppliers of oil and the third large producer among the Opec members.

To support global energy security, the UAE has always ensured a sustainable supply of oil to meet the global market demand and maintain price stability.

Since oil pricing has been staying over $100 per barrel over the past couple of quarters, the UAE has been producing near its maximum production capacity in order to maintain stability in the energy market.

"The UAE is producing near to our maximum production capacity based on its current Opec+ production baseline (3.168 million barrels of oil per day), which UAE is committed by until the end of the agreement," said UAE's Minister of Energy and Infrastructure Suhail bin Muhammad