UAE energy minister says committed to OPEC+, hails Saudi role in reaching pact

UAE Energy Minister Suhail Al-Mazrouei

UAE Energy Minister Suhail Al-Mazrouei reiterated on Sunday his country’s commitment to OPEC+ and continued work with the alliance with the aim of reaching market balance.

“We have reached a comprehensive agreement after constructive dialogue held during the meeting,” Al-Mazrouei told a press conference held following the OPEC+ meeting.

The minister also hailed Saudi Arabia and its Energy Minister Prince Abdulaziz bin Salman for their constructive role in striking an agreement. He also thanked Russia and other member states.

OPEC+ meeting approved today, July 18, increasing daily oil output gradually, as well as raising the baseline for a number of member countries, including Iraq, Kuwait, UAE, Saudi Arabia and Russia.

The meeting approved boosting the UAE’s quota to 3.50 million barrels per day (bpd), from 3.168 million bpd, starting from May 2022.