ABU DHABI: The United Arab Emirates’ energy minister said on Monday that OPEC+ is keen on providing the world with the oil supply it needs, underscoring the message that the alliance of top producers would always be in a position to balance markets.
OPEC+, which groups the producer bloc with allies including Russia, will always remain a trusted technical organisation to balance oil supply and demand, Suhail al-Mazrouei said at a major industry event in Abu Dhabi.
“We are only a phone call away if the requirements are there.”
US energy envoy Amos Hochstein cautioned that energy has to be priced in a way that allows for economic growth and that more investment is needed in the oil and gas sector.
Speaking at the same conference, he added that the relationship between the United States and UAE is “strong, long-standing and enduring”.
In October, OPEC+ agreed oil production cuts causing one of its biggest clashes with the West as the US administration called the surprise decision shortsighted.
OPEC+ producers rallied around Saudi Arabia, the top oil exporter, after its long-time ally the United States accused the kingdom of pushing member nations into the output cut.
Reflecting on the spat between the United States over oil policy, Hochstein told reporters: “People are allowed to have disagreements.
It’s a lot less drama than people think.“ OPEC+ is expected to hold its next meeting in Vienna on Dec. 4, one day before an agreement by the Group of Seven countries to cap Russian oil sales at an enforced low price is due to go into effect.
Saudi Arabia and the United Arab Emirates, two of the world’s biggest oil producers, are boosting output and refining and working on clean hydrogen, Saudi Energy Minister Prince Abdulaziz bin Salman said on Monday.
“We and the UAE are going to be the exemplary producers,” he told a major industry event in Abu Dhabi.
OPEC expected to stick to view of long-term oil demand rise
Abu Dhabi National Oil Co (ADNOC) Chief Executive Sultan al-Jaber said earlier that zeroing out hydrocarbon investment due to natural decline could lead to a loss of 5 million barrels of oil a day per year from current supplies.
“The data is clear. If we zero out hydrocarbon investment … due to natural decline … we would lose 5 million barrels per day of oil each year from current supplies.
This would make the shocks we have experienced this year feel like a minor tremor,“ Jaber said. The world needs maximum energy and minimum emissions, he said.
“Here are the hard facts: Global supply chains continue to be fragile. Geopolitics are now more complex, fragmented and polarised than ever,” he said.
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