Oil Prices will be Double without OPEC+ Intervention – UAE

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.
Publish Date
9th November 2021
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Read Time
1 minute

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.

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