UAE backs Saudi Arabia’s proposal to end oil price war

UAE Energy Minister Suhail al-Mazrouei. (File photo: AP)

The United Arab Emirates supports Saudi Arabia's proposal to call for an emergency meeting for OPEC+ and other producers, Energy Minister Suhail al-Mazrouei said on Sunday.

“A joint and combined effort by all oil-producing countries is required, not only the group of OPEC+ countries,” the minister said in a statement.

“The UAE is confident that, if an agreement can be reached, all producing countries will work quickly and cooperatively to address the weak demand for oil in global markets, helping to rebalance the market and maintain global oil inventories at reasonable levels.”

OPEC and allies are due to meet on Thursday to discuss a possible new global crude supply cut to end a price war between Saudi Arabia and Russia which has prompted US President Donald Trump to intervene.

Saudi Aramco will delay the release of its crude official selling prices (OSP) for May until April 10 to wait for the outcome of the meeting, a senior Saudi source familiar with the matter said on Sunday.

The Saudi source said that Riyadh wants to avoid a repeat of the outcome of a March meeting where oil talks collapsed due to Russia's refusal to cut output.

Saudi Aramco typically issues its OSPs by the fifth of each month, setting the trend for Iranian, Kuwaiti and Iraqi prices and affecting more than 12 million barrels of oil per day bound for Asia.

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Last Update: Wednesday, 20 May 2020 KSA 10:06 - GMT 07:06
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