OPEC+ can balance markets: UAE

Alliance keen to provide world with oil supply it needs

ABU DHABI:

The United Arab Emirates (UAE) energy minister said on Monday that OPEC+ is keen on providing the world with the oil supply it needs, underscoring the message that the alliance of top producers would always be in a position to balance markets.

OPEC+, which groups the producer bloc with allies including Russia, will always remain a trusted technical organisation to balance oil supply and demand, Suhail al-Mazrouei said at a major industry event in Abu Dhabi.

US energy envoy Amos Hochstein cautioned that energy has to be priced in a way that allows for economic growth and that more investment is needed in the oil and gas sector.

Speaking at the same conference, he added that the relationship between the United States and the UAE is “strong, long-standing and enduring”.

In October, OPEC+ agreed oil production cuts causing one of its biggest clashes with the West as the US administration called the surprise decision shortsighted.

OPEC+ producers rallied around Saudi Arabia, the top oil exporter, after its long-time ally the United States accused the kingdom of pushing member nations into the output cut.

Published in The Express Tribune, November 1^st, 2022.

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