The 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.

We support increased production and will encourage OPEC to consider higher production levelssaid the Emirates Ambassador to Washington Youssef Al Otaïba. “The UAE has been a reputable and responsible supplier of energy to the markets for more than 50 years and considers the stability of the energy markets to be essential to the global economy.“, According to his statement obtained by AFP. His comments come as all sides urge OPEC to curb the rise in crude oil prices fueled by the war in Ukraine.

And after the United States and Britain decided to stop importing oil from Russia — the world’s second largest crude oil exporter after Saudi Arabia — in response to the invasion of Ukraine. For his part, US Secretary of State Antony Blinken said on Wednesday that he was “important to stabilize energy markets to ensure there is an abundance of energy around the worldFor her part, during her visit to Washington, British Foreign Secretary Liz Truss called on the G7 countries to “stop using Russian oil and gaslike London and Washington.

The day before, Federal Minister of Economics Robert Habeck hadUrgent call to increase production levels 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 a price war and to control the market, the Gulf States have an interest in coordinated action within OPEC led by Saudi Arabia, but also with their allies within OPEC+ led by Russia.

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