UAE ‘will be encouraging OPEC’ to consider higher production levels, says ambassador to US

The UAE favours oil production increases and will be encouraging Organization of the Petroleum Exporting Countries (OPEC) members to consider higher production levels, its ambassador to the US said.

“We favour production increases and will be encouraging OPEC to consider higher production levels,” the UAE ambassador to the US Yousef Al Otaiba said in a statement.

“The UAE has been a reliable and responsible supplier of energy to global markets for more than 50 years and believes that stability in energy markets is critical to the global economy,” the statement added.

Ambassador Al Otaiba: “The #UAE has been a reliable and responsible supplier of energy to global markets for more than 50 years and believes that stability in energy markets is critical to the global economy.” #OPEC

Read the full statement: https://t.co/xlI5pcqhek

— UAE Embassy US (@UAEEmbassyUS) March 9, 2022

Last week, Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, discussed a number of regional and international issues over a call with Russian President Vladimir Putin.

Read: Sheikh Mohamed discusses Ukraine, energy market stability in call with Vladimir Putin

Sheikh Mohamed stressed the need for a peaceful solution to the crisis “in a way that maintains the interests and national security of all parties.”

OPEC and its allies have so far resisted calls from the White House and other major oil consumers to ramp up production faster, arguing that the recent surge in prices to almost $140 a barrel in London is driven by geopolitical tensions rather than a genuine supply shortage.

Brent crude extended losses after the statement was published, dropping 6.4 per cent to $119.76 a barrel as of 4.48pm. At its most recent meeting, the cartel spent only 13 minutes considering the market before deciding to stick to its plan of gradual production increases.

Oil surged above $100 a barrel for the first time since 2014 as Russia attacked sites across Ukraine.

With inputs from Bloomberg