Oil: Emirates will ask OPEC to increase production

The United Arab Emirates, a member of the Organization of the Petroleum Exporting Countries (OPEC), said Wednesday it would work with its cartel partners to boost production as Russia’s invasion of Ukraine would push prices to historic highs.

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“We support an increase in production and will encourage OPEC to consider increasing production levels,” said Emirates Ambassador to Washington Youssef Al Otaïba.

“The Emirates has been a reputable and responsible supplier of energy to the markets for more than 50 years and believes that the stability of energy markets is vital to the global economy,” said its statement, seen by AFP.

His comments come as all sides urge OPEC to stem the rise in crude oil prices fueled by the war in Ukraine.

And after the United States and Britain decided to halt imports of oil from Russia — the world’s second largest crude oil exporter after Saudi Arabia — in response to the invasion of Ukraine.

US Secretary of State Antony Blinken said Wednesday it was “important to stabilize energy markets to ensure there is plenty of energy around the world.”

For her part, during her visit to Washington, British Foreign Secretary Liz Truss called on the G7 countries to “end their use of Russian oil and gas”, such as London and Washington.

The day before, Federal Minister of Economics Robert Habeck had made an “urgent appeal to the exporting countries to increase production levels in order to relieve the market”.

And in the United States, the media has raised the possibility of a visit by American officials to Saudi Arabia – a country close to Western countries but also to Moscow – to persuade Riyadh to pump more crude oil.

To avoid a price war and control the market, the Gulf States have an interest in concerted action within OPEC led by Saudi Arabia, but also with their allies within OPEC+ led by Russia.

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