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24 February 2024

Oil ouput freeze already in place: UAE


The UAE’s Minister of Energy Suhail bin Mohammed Faraj Al Mazrouei said on Monday that current market prices are forcing most producers to freeze oil output levels, insisting it made "no sense" to pump more crude.

"Current prices are forcing everyone to freeze. So I think it is happening as we speak," Mazrouei told reporters in Abu Dhabi.

"It does not make any sense for anyone to increase production at current prices."

Mazrouei said he was aware of talks to hold a meeting between the Organisation of Petroleum Exporting Countries and non-OPEC producers, but that he has not received an invitation.

"We hear about a meeting. I have not received an official invitation for an Opec and non-Opec meeting," he said.

"If there is an invitation, the UAE is always cooperating within Opec," he said, adding that the group would first have to hold talks to decide on whether to take part in such a meeting.