The United Arab Emirates said on Monday at the Africa Oil Week Conference in Dubai that if it weren’t for OPEC+’s concerted actions to manage supply and demand, oil prices would be double what they are now.
The self-congratulatory sentiments echo those made by Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman, at the OPEC+ meeting press conference last week.
The White House has chastised OPEC+ for refusing to expand output above the agreed-upon 400,000 bpd, accusing the cartel of being unconcerned about the economy’s recovery.
The UAE also stated that OPEC+ should proceed with caution when it comes to the oil market and resuming production. Due to decreasing demand, the oil market will transition to a surplus in Q1 2022, according to the UAE. It reassured investors that OPEC+ could expand output to meet market demand if necessary—and that it could do so in a matter of days.
“We are a phone call away from each other,” UAE’s Energy Minister Suhail Al-Mazrouei said.
He also stated that the OPEC+ meeting unanimously agreed to cap oil production increases in December at 400,000 bpd, with no holdouts clamouring for higher increases.