EconomyUAE denies information on discussion of changes in oil...

UAE denies information on discussion of changes in oil production

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Oil production. archive photo

UAE Ministry of Energy head refutes information on OPEC+ oil production changes debate

DOHA, November 21 – RIA Novosti. Suheil al-Mazroui, UAE Minister of Energy and Infrastructure, denied reports that despite the decision to reduce production by 2 million barrels per day from November, countries participating in the OPEC+ agreement will discuss increasing oil production by 500,000 barrels per day.

Earlier on Monday, the Wall Street Journal reported that Saudi Arabia and other OPEC+ members will discuss production increases by 500,000 barrels per day at the alliance’s December 4 meeting. At the same time, according to the latest decision of OPEC+, the alliance will reduce oil production by 2 million barrels per day in November-December. The United States opposed such a measure, insisting on increasing production. Brent oil prices, which increased the rate of decline to 5% in response to the news, fell below $83 per barrel for the first time since September 27.

“The UAE has denied that they are involved in any talks with other OPEC+ members to change the latest agreement, which will be in effect until the end of 2023. We will remain committed to OPEC+’s objective of stabilizing the oil market and we will abide by any decision.” to achieve this goal,” he said.

Saudi Energy Minister Abdulaziz bin Salman made a similar statement earlier.

Source: Ria

Emma
Emma
I am Emma Sickels, a highly experienced journalist specializing in news and economy. As an author at News Unrolled, I cover the latest trends in the economic sector and provide readers with valuable insights into its complexities. My work has been featured in various media outlets such as The New York Times, USA Today, Bloomberg Businessweek and many more.

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