His Excellency Suhail Mohamed Faris Al Mazrouei, the Minister of Energy and Infrastructure, emphasized the vital role of the United Arab Emirates within the Organization of the Petroleum Exporting Countries (OPEC) and the OPEC+ alliance. He highlighted the UAE’s support for all decisions made by the OPEC+ coalition aimed at achieving balance and stability in the global oil markets.
In an exclusive statement to the Emirates News Agency (WAM) during the Ninth International OPEC Conference in Vienna, he underscored UAE’s commitment to the OPEC+ decisions and praised the leadership vision in promoting the country’s production capacity.
He noted that this production capacity will be timely when market needs arise, assuring that this expansion will positively influence market stability and oil prices.
Al Mazrouei expressed satisfaction with the gradual return of OPEC’s share to the markets, pointing out that it has not adversely affected price stability. This demonstrates that both the organization and the OPEC+ group are fully aware of market requirements.
He anticipated an increase in the group’s share due to expected investments, including substantial contributions from member countries like the UAE, which has made significant investments to enhance its production capabilities.
He explained that the gradual increases in production were implemented thoughtfully, playing a beneficial role in maintaining balance and ensuring that prices remain stable, with slight rises reflecting improved global oil demand.
Al Mazrouei acknowledged the crucial role that the OPEC+ alliance plays in maintaining stability in the global oil market, stating, “We believe this alliance has a significant responsibility.”
He clarified that the relevant ministers and committees convene regularly on a monthly basis to assess market needs collectively and to make appropriate decisions as a group, rather than as individual countries.