Arab News, Thursday, Nov 25, 2021 | Rabi Al-Aakhir 20, 1443

UAE fully committed to OPEC+ agreement, has no ‘prior stance’: WAM

The United Arab Emirates is fully committed to the OPEC+ agreement and has no “prior stance” ahead of an upcoming meeting on December 2, state news agency WAM reported on Thursday.

“The Ministry of Energy and Infrastructure has affirmed that the UAE remains fully committed to the Declaration of Cooperation (OPEC+) and reiterates that any decisions will be taken collectively by the OPEC+ group in its next Ministerial meeting,” said WAM, citing a statement from the ministry.

The ministry “reiterates that any decisions will be taken collectively by the OPEC+ group in its next Ministerial meeting,” it added.

The Organization of the Petroleum Exporting Countries (OPEC), Russia and their allies, together known as OPEC+, are to hold two meetings next week to set policy, with a gathering on December 1 for OPEC members only and another on December 2 for OPEC+, two sources from the producer group said on Wednesday.

Energy Minister Suhail al-Mazrouei told reporters on Tuesday that he saw no logic in his country supplying more oil to global markets when all indicators pointed to a supply surplus in the first quarter of next year.

OPEC+, which includes Russia, has resisted requests from Washington and other consumer nations for swifter hikes, sticking to its plan of gradually raising output by 400,000 barrels per day (bpd) each month since August.