Abu Dhabi – Mubasher: The UAE is fully committed to the Organization of Petroleum Exporting Countries’ (OPEC) plan to balance oil market, the GCC nation’s oil minister stated on Monday.
“We [the UAE] are committed to do it 100%,” Suhail Al Mazroui, who also doubles as OPEC president, said.
OPEC and OPEC+ will always do whatever is necessary to strike balance in the oil market, Al Mazroui told an energy conference in Dubai.
Investors are expecting OPEC’s reports on March’s performance, amid forecasts of a reduction in the producer group’s total production by 259,000 barrel per day (bpd).
Al Mazroui told CNBC Arabia that he is optimistic about the oil market performance.
“Interestingly, we are looking to increase local gas price … not just the UAE, but Oman, Saudi Arabia and Kuwait – every country that has gas they are looking to increase their price of gas through reforms,” he said.
