Suhail Al Mazrouei, Minister of Energy and Industry, confirmed that the UAE is one of the countries most committed to the percentage of oil production cuts approved by OPEC, as the state’s production last March reached 3.043 million barrels, which is less than The agreed share of the reduction of 3.072 million, aiming to achieve a market equilibrium.
The Minister of Energy and Industry told Emirates News Agency that the UAE will not increase its oil production except through coordination with producers from inside and outside OPEC according to the market need, indicating that the ability The UAE on oil production reaches 3.5 million barrels per day, but this does not mean that we will produce them and we produce what the market needs and achieve the required balance.
His Excellency added that the UAE is committed to selling oil to the parties that import it for use and not storing it in order to have an impact on the markets, noting that achieving a market balance needs more time. < / p>
Al Mazrouei pointed out that the ministerial committee concerned with following up the decision to cut production will hold its meeting in the Kingdom of Saudi Arabia next May to study the market and know the extent of countries ’commitment to the decision to reduce production, pointing out that the results of The commitment to reduce production during the month of March was better than February, expecting the results of the current month to be encouraging, which would gradually reach the desired balance.
The Minister of Energy and Industry discussed the commitment of Russia and Iraq to the decision to cut production during the month of March, expecting to increase their commitment during the current month, which is reflected in the balance of the market.
OPEC and a group of producers outside it, including Russia, agreed to achieve a balance in oil markets a great deal by curbing supplies, which is reflected in the market balance and is in the interest of producers. And consumers.
His Excellency's statements came on the sidelines of his participation today in the work of the Bloomberg Summit that started in Abu Dhabi today, during which he stressed the existence of joint investment projects between the UAE and Saudi Arabia in various sectors, including petrochemicals.
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