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Oil

UAE in favor of oil production increase, will urge OPEC to consider: Al Otaiba

“The UAE has been a reliable and responsible supplier of energy to global markets for more than 50 years and believes that stability in energy markets is critical to the global economy,” Al Otaiba said.

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A senior Emirati diplomat said Wednesday that the UAE was in favor of production increases, adding that his country would encourage OPEC to consider such a move.

“We favor production increases and will be encouraging OPEC to consider higher production levels,” UAE Ambassador to the US Yousef Al Otaiba said.

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The UAE Embassy in Washington released the statement.

“The UAE has been a reliable and responsible supplier of energy to global markets for more than 50 years and believes that stability in energy markets is critical to the global economy,” Al Otaiba added.

Al Otaiba’s comments come a day after US President Joe Biden announced a ban on Russian oil imports, and the UK said it would phase out Russian imports of oil and oil products by the end of the year.

The price of brent has soared due to the moves and sanctions against Russia as a result of their invasion of Ukraine.

Despite pressure from the US, OPEC countries have refused to increase their production and chosen to stick to a deal previously agreed between member states.

Ties have soured between the US and Gulf countries since Biden took office, but recent reports suggest the US president is considering a trip to the region with the hope of mending relations.

Last week, Al Otaiba said ties between Washington and Abu Dhabi were going through a “stress test.”

It also came shortly before an interview with Saudi Arabia’s Crown Prince Mohammed bin Salman was published where the crown prince said he did “not care” what Biden thought of him.

Read more: ‘I don’t care’ what Biden thinks of me: Saudi Crown Prince

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