Suhail bin Mohammed Al Mazrouei, the UAE’s Minister of Energy and Infrastructure, highlighted the UAE’s crucial role within OPEC and OPEC+, reiterating the country’s commitment to supporting all OPEC+ decisions to ensure stability and balance in the global oil market.
Speaking to the Emirates News Agency (WAM) at the 9th OPEC International Seminar in Vienna, Al Mazrouei praised the UAE’s leadership for their strategic focus on increasing oil production capacity. He explained that this expanded capacity would be introduced when demand rises, serving as a stabilizing force for both markets and prices.
He expressed satisfaction with OPEC’s phased re-entry into the markets, noting that it hasn’t negatively affected price stability, which he sees as proof of OPEC and OPEC+’s deep understanding of market needs. Al Mazrouei also predicted an increased market share for the group, driven by member countries’ investments, particularly the UAE’s substantial investment in boosting its production.
He emphasized that the carefully planned, gradual production increases have successfully contributed to balancing and stabilizing oil prices, with a slight uptick indicating improved global demand. Finally, Al Mazrouei lauded OPEC+’s vital role in maintaining global oil market stability, stating that the alliance is “significant.” He added that ministers and committees meet monthly to collectively assess market demands and make decisions.
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