UAE energy minister says new OPEC+ agreement key to balance market
He is "disappointed" about the failure to reach an agreement
UAE Energy Minister Suhail Al Mazrouei said that a new agreement between OPEC and its allies would be key to ensuring a stable oil market.
In a series of tweets, he expressed disappointment at the failure to come to an agreement, and said that the UAE has "ample production capacity that will be quickly brought online".
We are disappointed that no agreement was reached by OPEC + and the current declaration of cooperation will therefore expire at the end of March 2020.— سهيل المزروعي (@HESuhail) March 11, 2020
Operators in the UAE have ample production capacity that will be quickly brought online given the current circumstances.— سهيل المزروعي (@HESuhail) March 11, 2020
OPEC and OPEC+ played an important role in delivering market stability. The UAE Ministry of Energy and Industry firmly believes that a new agreement is essential to support a balanced and less volatile market.— سهيل المزروعي (@HESuhail) March 11, 2020