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21 May 2024

UAE supports any collective effort to freeze oil production ceiling

By Wam

Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy, has said that the UAE supports any initiative to freeze the oil production ceiling by consensus of the members of the Organisation of Petroleum Exporting Countries, OPEC, and Russia.

Several OPEC-member countries and others have recently agreed to freeze production at last January's levels in a move to support the stability of the global oil market.
In a statement to WAM, the Minister of Energy said today, "We believe that freezing production levels by members of OPEC and Russia will have a positive impact on balancing future demand based on the current oversupply."

He pointed out that the current price is not suitable for everyone and it will force producers to stabilise production levels and reduce investments in higher-costing oils.

"The oil policy in the UAE is always open for cooperation with everyone in order to serve the higher interests of the producers and the balance of the market and we are still optimistic about the future," the Minister said.

Al Mazrouei expressed optimism about the future of the oil market, saying that he expects the current situation to push producers to freeze current levels, if not cut production.