UAE Oil Minister: The United States should not dictate its policy
Explaining that pushing out any of the oil alliance partners would only lead to higher prices, the UAE oil minister said the United States should not dictate its policy to others.
The UAE Minister of Oil said that the United States must be realistic and understand that the OPEC Plus Producers’ Alliance is in the interests of consumers.
He said at an industrial event in Dubai attended by the Saudi Minister of Energy that the United States should not dictate its policy (to others).
He stressed that the only mission of OPEC Plus is to stabilize the markets and ensure the supply of oil as much as possible, and the pressure to expel any of the oil union partners will only lead to higher prices.
Mazrouei added that it is difficult to predict future fluctuations in the oil market due to issues such as whether Iranian barrels will return to the market or whether more investment will be made in the oil and gas sector.
The Emirati official said he believes demand (for oil) is growing.
The UAE Minister of Energy also said yesterday: Energy markets need Russian oil.
He said that OPEC Plus should stay together, focus and not allow the politics of the group to be distracted.
Today, Reuters quoted several informed sources close to OPEC Plus as saying that despite the Ukraine conflict and requests from the United States and other oil consumers for more supply to the market, OPEC Plus is likely to plan to increase oil production gradually in May.
Saudi Arabia and the United Arab Emirates have so far turned their backs on the United States and Britain to increase oil production.
