The energy minister of the United Arab Emirates (UAE) on Monday backed OPEC’s alliance with Russia to handle oil prices. The war between Russia and Ukraine has led to a jump in oil prices, shocking the market and increasing prices in the consumer market.
UAE Energy Minister Suhail Al Mazrouei said Russia produces 10 million barrels of oil a day and is an important member of the global OPEC+ energy alliance. He said, ‘Politics aside, this oil is needed today. Unless someone is willing to produce 10 million barrels of oil, we don’t think there can be an alternative to Russia. The Saudi Arabia-Russian-led coalition has the potential to bring down oil prices by increasing production, which has risen to as high as $100 a barrel.
The US, European countries, Japan and other countries are calling on Gulf Arab countries to increase oil production to bring down their prices. British Prime Minister Boris Johnson visited Saudi Arabia, UAE earlier this month to discuss the issue. Al Mazrouei pointed out that the OPEC Plus alliance is one and will remain so.
He also refused to unilaterally implement the UAE’s suggestion to increase oil production. He said, ‘We are together. And will not allow politics to come into this organization. We have always believed that when it comes to production, whatever we do as a country, that work will always have to be kept out of politics.