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
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