OPEC+ can be trusted to balance markets, UAE minister says

The United Arab Emirates’ energy minister said on Monday that OPEC+ is keen on providing the world with the oil supply it needs.

He said 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 organisation to balance oil supply and demand, Suhail al-Mazrouei said at a major industry event in Abu Dhabi.

“We are only a phone call away if the requirements are there.”

U.S. energy envoy Amos Hochstein cautioned that energy has to be priced in a way that allows for economic growth and that more investment is needed in the oil and gas sector.

Speaking at the same conference, he added that the relationship between the United States and UAE is “strong, long-standing and enduring”.

In October, OPEC+ agreed oil production cuts causing one of its biggest clashes with the West as the U.S. administration called the surprise decision shortsighted.

OPEC+ producers rallied around Saudi Arabia, the top oil exporter, after its long-time ally the United States accused the kingdom of pushing member nations into the output cut.

Reflecting on the spat between the United States over oil policy, Hochstein said “People are allowed to have disagreements. It’s a lot less drama than people think.”

OPEC+ is expected to hold its next meeting in Vienna on Dec. 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 United Arab Emirates, 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.