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United Arab Emirates (UAE) Energy Minister Suhail al-Mazrouei attends the Abu Dhabi International Petroleum Exhibition & Conference in Abu Dhabi, UAE, Monday, Oct. 31, 2022. /CFP
The United Arab Emirates (UAE) 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 organization to balance oil supply and demand, UAE Energy Minister Suhail al-Mazrouei said at a major industry event in Abu Dhabi.
"We are only a phone call away if the requirements are there."
In October, OPEC+ agreed on oil production cuts causing one of its biggest clashes with the West as the U.S. administration called the surprise decision shortsighted.
OPEC+ is expected to hold its next meeting in Vienna on December 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 UAE, 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.
(Reuters with edits)
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