(Dubai) The United Arab Emirates, a member of the Organization of the Petroleum Exporting Countries (OPEC), said on Wednesday it would work with its cartel partners to increase production, as the Russian invasion of Ukraine had pushed prices to historic highs.
Posted at 2:01 p.m.
“We are in favor of an increase in production and we will encourage OPEC to consider increasing production levels,” said the ambassador of the Emirates in Washington, Youssef Al Otaïba.
“The Emirates have been a serious and responsible supplier of energy to the markets for more than 50 years, and they believe that the stability of the energy markets is essential for the global economy,” according to his statement obtained by AFP.
His remarks come as OPEC is called upon from all sides to curb the surge in crude oil prices fueled by the war in Ukraine.
And after the decision by the United States and Britain to stop importing oil from Russia – the world’s second largest crude exporter, behind Saudi Arabia – in response to the invasion of Ukraine .
US Secretary of State Antony Blinken for his part said on Wednesday that it was “important to stabilize energy markets, to ensure that there are abundant amounts of energy around the world”.
Visiting Washington, British Foreign Minister Liz Truss for her part urged the G7 countries to “end their use of Russian oil and gas”, like London and Washington.
The day before, German Economy Minister Robert Habeck issued an “urgent appeal to exporting countries to increase the level of production to relieve the market”.
And in the United States, media have raised the possibility of a visit by American officials to Saudi Arabia – a country close to Western countries but also to Moscow – to convince Riyadh to pump more crude.
To avoid a price war and control the market, the Gulf countries have an interest in acting in a concerted manner, within OPEC, led by Saudi Arabia, but also with their allies within OPEC+ led by Russia.