The UAE is fully committed to the Opec+ agreement and has no “prior stance” ahead of an upcoming meeting on December 2, state news agency WAM reported yesterday.
“The energy ministry confirms that the United Arab Emirates is fully committed to the cooperation agreement with Opec+ and that there is no prior stance on the upcoming meeting,” the agency said, citing an energy ministry statement.
The ministry “reiterates that any decisions will be taken collectively by the Opec+ group in its next Ministerial meeting,” it added.
Opec+ is to hold two meetings next week to set policy, with a gathering on December 1 for Opec members only and another on December 2 for Opec+, two sources from the producer group said on Wednesday.
Energy Minister Suhail Al Mazrouei had said that he saw no logic in his country supplying more oil to global markets when all indicators pointed to a supply surplus in the first quarter of next year.
Meanwhile, Kuwait reaffirmed its support for the Opec+ agreement, state news agency KUNA reported late on Wednesday, citing oil minister Muhammad Al Faris.