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Squeezing any member out of OPEC+ would only result in oil price hike: UAE minister

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United Arab Emirates energy minister Suhail al-Mazrouei said on Tuesday that the only mission of OPEC+ is to stabilize markets and come up with as much supply as possible, and that squeezing any partner out of the oil alliance would only increase prices.

He said it was difficult to predict the future of market volatility, due to issues such as whether Iranian barrels would return to the market or if there will be more investment in the oil and gas sector.

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Mazrouei said he believed that there will be growth in demand.

Speaking at an industry event in Dubai which was also attended by the Saudi energy minister, al-Mazrouei also said that the United States should not dictate policy.

He said that the US should be pragmatic and understand that the OPEC+ producers alliance is looking out for the benefits of consumers.

Read more:

The world economy will be hit if oil supplies are threatened: Saudi energy minister

UAE energy minister says OPEC+ is not political

Oil producers as ‘superheroes’ is not how it works: UAE minister

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