UAE, Saudi say OPEC+ should not play politics

DUBAI: The energy ministers of Saudi Arabia and the United Arab Emirates, key members of OPEC+, said on Tuesday the producers’ group should not engage in politics as pressure mounted on them to take action against Russia over its invasion of Ukraine.

Asked by the moderator at an industry event about whether OPEC+ has a moral responsibility to expel Russia, Saudi Energy Minister Prince Abdulaziz bin Salman said “everybody leaves his politics at the door” when they hold meetings.

“If we don’t do that we would not have dealt with so many countries at different times. It could have been with Iraq at one point, it could have been with Iran at one point.”

OPEC+ has come under increasing pressure to pump more crude since Russia, the largest producer in the OPEC+ group, invaded Ukraine on Feb. 24, and Western nations responded with sanctions that have curtailed Russian oil exports.

Both Prince Abdulaziz and UAE energy minister Suhail al-Mazrouei said the focus was on balancing crude oil markets and satisfying consumers.

Oil volatility ‘worse’ without OPEC+ bloc that includes Russia: Saudi

“We have one mission and only one mission which is stabilizing the market. So we cannot be politicizing, or bringing politics to the organization having that debate ... our aim is to calm the market,” said Mazrouei.

“If we are asking anyone to leave, then we are raising the prices, then we are doing something that is against what consumers want.”

The Gulf states, close US allies, are members of the Organization of the Petroleum Exporting Countries as well as OPEC+, which includes OPEC and other large oil producers such as Russia and Mexico.