The UAE is committed to market balance and no increase in “OPEC Plus” production
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The UAE denied reports that there were talks between members of the “OPEC Plus” alliance to increase oil production, while Saudi Arabia, Kuwait and Iraq also denied the reports.
His Excellency Suhail bin Muhammad Al Mazrouei, Minister of Energy and Infrastructure, said on his Twitter account that “the UAE denies its participation in talks with other members of OPEC Plus to amend the recent agreement, which runs until the end of 2023. ‘ and added: ‘We remain committed to the OPEC Plus goal of achieving equilibrium in the oil market and we will support any decision to achieve this goal.
Earlier, The Wall Street Journal reported that the OPEC Plus group meeting scheduled for Dec. 4 would discuss increasing production to up to 500,000 barrels per day.
The Saudi Press Agency quoted Energy Minister Prince Abdulaziz bin Salman as saying that the kingdom is committed to production cuts and is not talking to other oil producers in the Organization of the Petroleum Exporting Countries (OPEC) about a possible increase in production, the Wall Street Journal denied a report. Kuwait’s Deputy Prime Minister and Minister of Oil, Dr. Badr Al-Mulla denied reports of the existence of talks related to the OPEC Plus alliance’s intention to increase oil production at their next meeting.
Yesterday the Kuwaiti News Agency quoted Minister Al-Mulla as reaffirming the State of Kuwait’s zeal to maintain the stability of the balance in oil markets.
Iraq renewed its position in support of agreements that bring more stability and balance to oil markets and reduce the fall in the price of a barrel of oil on the world market. Deputy Prime Minister and Oil Minister Hayan Abdul-Ghani stressed during his presidency at the monthly meeting of Iraqi oil prices: “Iraq’s desire to actively contribute to achieving greater stability in world markets and to achieving a state of logical balance between supply and demand , and reducing the magnitude of the challenges and influences leading to its volatility and instability.” Brent crude was up 97 cents, or 1.1%, to $88.42, while US West Texas Intermediate crude was up 1.19 $, or 1.5%, to $81.23.
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