UAE commits to OPEC+ on crude production

UAE commits to OPEC+ on crude production

The United Arab Emirates has confirmed its adherence to the Organization of Petroleum Exporting Countries (OPEC+) production agreement. The oil market has been strained to a breaking point. With few producers willing or able to replace Russian barrels, The UAE has hinted that it may be coming to the rescue. On Wednesday, UAE's ambassador to Washington, Yousef Al Otaiba said that his country wants to boost oil production. They will also encourage OPEC+ to increase the supply. OPEC+ also announced on Wednesday that it would boost production by 400,000 barrels per day in April, which is a small percentage compared to Russia's daily crude oil production of 10 million barrels. Despite oil prices rising 30% in the last two weeks, the cartel described the market as "well-balanced." OPEC can quickly ramp up supply due to spare production capacity in Saudi Arabia and the United Arab Emirates. "We support increased production and will encourage OPEC to consider higher levels," Otaiba said. BKM/ Expat Media

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