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Wednesday, November 30, 2022

UAE close to OPEC+ oil production limit: Energy Minister

The United Arab Emirates is close to limiting its oil production under the OPEC+ agreements, an official said, ahead of a regional visit by US President Joe Biden, who is expected to lobby for an increase in production.

The Gulf state insisted it was committed to OPEC+’s figure of 3.168 million barrels of oil per day (bpd). Biden will visit Saudi Arabia, the world’s largest oil exporter, as part of his tour next month.

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According to the official WAM, Energy and Infrastructure Minister Suhail bin Mohammed Al-Mazrouei said, “The UAE is producing close to our maximum production capacity based on its current OPEC+ production baseline, which the UAE has committed to by the end of the agreement.” ” News agency.

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Oil production has increasingly come into focus since Russia’s invasion of Ukraine, causing extreme volatility in markets, raising the price of fuel and other goods around the world.

Biden’s visit comes after British Prime Minister Boris Johnson flew to the United Arab Emirates and Saudi Arabia in March, but failed to secure any increase in production.

Gulf countries and Russia, members of the OPEC+ group of oil producers, have ramped up production this month but are under pressure to deliver more.

French President Emmanuel Macron was caught on camera at the G-7 meeting in Germany on Monday, telling Biden details of talks with UAE leader Sheikh Mohamed bin Zayed Al Nahyan.

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According to Macron, Sheikh Mohammed said the United Arab Emirates is at its “maximum” capacity and Saudi Arabia can only increase production by 150,000 bpd.

The UAE has been able to produce 4.2 million bpd as per its declared maximum production capacity.

Read more:

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Oil prices rise ahead of G7 discussion on Russian exports

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