The UAE supports the decision of “OPEC Plus” to stabilize the production policy

Dubai, The UAE Minister of Energy and Infrastructure, Suhail Al Mazrouei, said today: The UAE supports OPEC’s decision, regarding the lack of a need to change its previous decision to cut two million barrels, indicating that the organization aims to balance supply and demand, and that it will meet if a new one is found in the markets.

Al-Mazrouei described the decision to cut production by two million barrels as an appropriate decision, because there is no need to change the previous decision, “where we aim to balance supply with demand,” explaining that the UAE is an open market; as it has the third largest bunkering port in the world.

He pointed out that the UAE does not focus only on securing its needs, rather, it focuses on meeting the needs of the world.

Al Mazrouei said in a press interview: The UAE has accelerated its plan to increase production capacity to 5 million barrels per day by 2027 instead of 2030, and is also implementing expansion projects in the refinery and petrochemical products sector aimed at securing local and global needs .

Al-Mazrouei refused to comment on the impact of the Russian oil embargo, which came into force, hoping that next year will witness less escalation and greater balance in the markets.

He added that the world still has a lot to do with regard to global stocks, and to bridge the gap thereof.

Source: National Iraqi News Agency