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ABU DHABI / Agencies
The UAE on Thursday affirmed its commitment to the Opec+ agreement. “The UAE remains committed to the Opec+ agreement and its existing monthly production adjustment mechanism,†affirmed Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, in a statement to Emirates News Agency (WAM).
“The UAE believes in the value the Opec+ agreement brings to the world oil market as there is no other agreement to raise output individually than this agreement in light of the UAE’s continuous support for and compliance with the said agreement,” he said.
The Vienna-based Opec has earlier treasured the tremendous efforts being made by the UAE over the past period to maintain consensus among the members of the organisation towards all issues regarding the global oil market and the support it provides to maintain its balance and stability in a manner that takes into account the interests of producers and consumers alike.
Brent crude rebounded after slumping the most in almost two years as the fallout from Russia’s invasion of Ukraine continues to rattle what one analyst called a “panic-stricken†market.
Futures in London topped $118, while those in New York rose near $115 a barrel.
Markets have been panicky since war broke out, seeing sharp intraday swings on headlines from Ukraine and Opec+ members. Oil rallied this week to the highest since 2008, in part due to fears that the loss of Russian flows may stretch an already tight market.
West Texas Intermediate for April rose 4.8% to $113.93 a barrel in New York.
