UAE plays vital role in OPEC, OPEC+: Al Mazrouei
VIENNA (WAM)Suhail bin Mohammed Al Mazrouei, UAE Minister of Energy and Infrastructure, emphasised the importance of the UAE's role in the Organisation of the Petroleum Exporting Countries (OPEC) and the OPEC+.He affirmed the UAE's support for all decisions made by the OPEC+ with the aim of achieving balance and stability in global oil markets.In statements to the Emirates News Agency (WAM) on the sideline of his participation in the 9th OPEC International Seminar in Vienna, Al Mazrouei underlined that the UAE's policy supports OPEC+ decisions, and commended the wise leadership of the UAE for adopting a strategy that aims to boost the country's production capacity.He noted that this increased production capacity will be introduced into the market at the appropriate time when demand arises, stressing that such an expansion will act as a stabilising factor for markets and oil prices.He expressed satisfaction with OPEC's gradual return to the markets, highlighting that this return has not negatively impacted price stability. This, he said, proves that the organisation and the OPEC+ group are fully aware of market demands.He also projected that the group's share would increase due to anticipated investments by member countries such as the UAE, which has invested significantly in expanding its production capacity.He explained that the gradual production increases have been carefully planned, and have positively contributed to reinforcing balance and stabilising prices at near-steady levels, with a slight rise that reflects an improvement in global oil demand.He commended the pivotal role played by the OPEC+ in maintaining the stability of the global oil market, stating: 'We believe this alliance plays a significant role.'
He further noted that the relevant ministers and committees meet on a monthly basis to review and assess market demands and take appropriate decisions collectively as a group rather than as individual countries.
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