The United Arab Emirates will not act on its own to increase oil production, a UAE source familiar with the matter told Reuters on Thursday. The Gulf producer remains committed to the OPEC+ alliance and only its energy ministry is responsible for oil policy, said the source, who spoke on condition of anonymity.
The UAE Ambassador to Washington, Yusuf Al Otaiba, said in a statement posted on Twitter that Abu Dhabi supports an increase in oil production and would encourage OPEC to consider higher production.
But in a statement later, Energy Minister Suhail al-Mazrouei said the country believes in the value OPEC+ brings to the market. So far, OPEC+ has resisted calls for the United States and allies to increase production, even if oil prices have exceeded $120 a barrel.
Following Otaiba’s comments, global oil prices on Wednesday fell by the most since the early days of the pandemic nearly two years ago.
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