UAE intends to adhere to the terms of the OPEC + agreement

Suheil al-Mazrui, head of the UAE Energy Ministry, said that the country’s oil producers intend to meet the parameters for oil production provided for in the OPEC+ deal. As a result of the February meeting, the alliance agreed to maintain the terms of the current agreement. In March, OPEC+ countries will increase the production of raw materials by 400,000 b/d. Somewhat earlier, the UAE Ambassador to the United States said that he intends to insist on increasing the production of raw materials beyond the parameters of the deal. He intends to promote his position among the OPEC+ countries. The ambassador believes that the increase in oil production will reduce oil prices, which have risen sharply against the backdrop of the conflict between Russia and Ukraine. After the words of the UAE Ambassador, oil prices fell by more than 10%. They are growing this morning. Both oil benchmarks rose in price. This week, the United States decided to stop importing oil and oil products from Russia. In this regard, Washington began to put pressure on the world’s major oil producers in order to get them to increase their production of raw materials.

Source: xCritical.com