The UAE Minister of Energy Suhail al-Mazrouei said he was disappointed that no agreement was reached by OPEC+ and that the current deal will expire at the end of March in a post on Twitter.
Al-Mazrouei was commenting following the collapse of a deal between the Organization of Petroleum Exporting Countries (OPEC) and other producers, including Russia, to limit oil output and support oil prices.
“Operators in the UAE have ample production capacity that will be quickly brought online given the current circumstances,” he added, a sentiment that was echoed by UAE state oil firm ADNOC earlier on Wednesday.
“OPEC and OPEC+ played an important role in delivering market stability. The UAE Ministry of Energy and Industry firmly believes that a new agreement is essential to support a balanced and less volatile market,” he concluded.
Futures prices of Brent crude fell over 25 percent to around $33 per barrel in Monday morning trading, while North America’s WTI crude dropped to around $29 per barrel in the worst day of trading for both futures contracts since 1991.