A statement by the UAE Ministry of Energy regarding the “OPEC +” agreement

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The UAE Ministry of Energy and Infrastructure confirmed that the UAE is fully committed to the agreement to declare cooperation in the “OPEC +” group.

The Emirates News Agency reported that the UAE Ministry of Energy and Infrastructure confirmed in a statement that there was no prior position regarding the next meeting.

And Reuters news agency had earlier quoted two informed sources as saying that the commitment of the “OPEC +” group to oil production cuts amounted to 116% in October 2021, up from 115 in September 2021, which indicates that the group continues to produce within the framework of the agreed goals.

In a related matter, Bloomberg Agency earlier drew attention to what was described as a coordinated move by major oil consumers in defiance of “OPEC +”, by announcing a number of major oil consumers to withdraw large quantities of crude oil from strategic reserves and put them to calm prices in the markets.

The agency described the move as “an unprecedented and coordinated attempt by three of the largest oil consumers in the world to reduce oil prices, noting that the move may lead to a violent reaction by the OPEC + group.”

It is noteworthy that the White House had recently announced that the United States would release 50 million barrels of strategic oil reserves within the coming months, noting that the step was being coordinated with moves to withdraw from the strategic reserves by China, India, Japan, South Korea and Britain.

A statement in this regard said that the US measure includes a plan to withdraw 32 million barrels over the coming months from US stocks, in addition to accelerating the implementation of a plan approved earlier to release another 18 million barrels.

Source: WAM + Reuters + Bloomberg







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